remymakima remymakima

15-06-2021
Mathematics

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ethan invests £500 in the bank for 2 years he earned £40 simple interest

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bhadelsimron19 bhadelsimron19

15-06-2021

Answer:

Rate = 4%

Step-by-step explanation:

principal = £500

time = 2 years

simple interest = £40

rate = ?

simple interest = PTR / 100

£40 = £500*2*R /100

£40*100 = £1000*R

£4000/£1000 = R

4 % = R

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