Ethan invested £500 in the bank for 2 years.
He earned £40 simple interest in total.
What was the simple interest rate per annum?
2 answers
1/2 * 40/500 = 0.04 = 4%
Ethan invested £500 in the bank for 2 years. He earned £40 simple interest in total. What was the simple interest rate per annum?
2 answers