Asked by sammy
Jimmy invests 15,000 coins in a bank and
earns simple interest. After 2 years he
withdraws all his money from the bank
.If the amount that he receives is 17,000 coins ,calculate.
(a)the interest received
(b)the rate at which bank pays interest.
earns simple interest. After 2 years he
withdraws all his money from the bank
.If the amount that he receives is 17,000 coins ,calculate.
(a)the interest received
(b)the rate at which bank pays interest.
Answers
Answered by
Ms. Sue
2,000 coins in interest
I = PRT
2,000 = 15,000 * R * 2
2,000 = 30,000R
2,000/30,000 = R
0.067 = 6.7% = R
I = PRT
2,000 = 15,000 * R * 2
2,000 = 30,000R
2,000/30,000 = R
0.067 = 6.7% = R
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