Asked by Jane
On 12 february 2009,sally invested $2000 in a bank and received an amount or $2040 on 23 june 2009.calculate the simple interest rate offered by the bank
Answers
Answered by
Reiny
You will have to count the number of days from Feb 12 to June 23, I will leave that up to you and label it 'days'
in I = PRT, your I = 40, R = ??, T = days/365 , P = 2000
40 = 2000(R)(days/365)
R = 40(365)/(2000(days)) =
your R will be a decimal, I will assume you know how to change that into a percent.
Here is a "between dates" calculator. Notice it counts the first day, but not the last day. Check how your text wants you do it it.
https://www.timeanddate.com/date/durationresult.html?m1=02&d1=12&y1=2017&m2=06&d2=23&y2=2017
in I = PRT, your I = 40, R = ??, T = days/365 , P = 2000
40 = 2000(R)(days/365)
R = 40(365)/(2000(days)) =
your R will be a decimal, I will assume you know how to change that into a percent.
Here is a "between dates" calculator. Notice it counts the first day, but not the last day. Check how your text wants you do it it.
https://www.timeanddate.com/date/durationresult.html?m1=02&d1=12&y1=2017&m2=06&d2=23&y2=2017
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.