Mr. Singh invested $9 840 in a bank for 5 years and received $5 141.40 simple interest.Calculate the rate percent per annum that his investment achieved
Question
Solution 1
To calculate the rate of interest per annum, we can use the formula for simple interest which is:
I = PRT/100
where: I = Interest P = Principal amount (the initial amount of money) R = Rate of interest T = Time (in years)
In this case, we know that: I = $5,141.40 P = $9,840 T = 5 years
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