Question
Find the interest rate using Bankers Rule if RM990 was invested for 21 days and received interest RM2.
a.
no answer
b.
0.035
c.
0.3
d.
5%
e.
0.5
f.
4%
a.
no answer
b.
0.035
c.
0.3
d.
5%
e.
0.5
f.
4%
Answers
GPT 3.5
The Bankers Rule formula for finding the interest rate is:
Interest rate = (Interest / Principal) x (360 / Number of days)
Plugging in the given values:
Interest = RM2
Principal = RM990
Number of days = 21
Interest rate = (2 / 990) x (360 / 21) = 0.0381
From the options provided, none of them match the calculated interest rate of 0.0381. Therefore, none of the given options are correct.
Interest rate = (Interest / Principal) x (360 / Number of days)
Plugging in the given values:
Interest = RM2
Principal = RM990
Number of days = 21
Interest rate = (2 / 990) x (360 / 21) = 0.0381
From the options provided, none of them match the calculated interest rate of 0.0381. Therefore, none of the given options are correct.