To find the interest received using the Banker's Rule, you need to calculate the interest for the 11 days and round it to the nearest cent.
The formula to calculate simple interest is:
Interest = Principal * Rate * Time
In this case, Principal (P) = RM100000, Rate (R) = 6.5%, and Time (T) = 11 days.
Therefore, the interest received is:
Interest = RM100000 * 6.5% * 11/365
Interest = RM355.88
Rounding this to the nearest cent, the interest received is RM355.88.
None of the given options match this result.
Find the interest received using Bankers Rule if RM100000 was invested at 6.5% simple interest rate for 11 days.
a.
no answer
b.
RM100.61
c.
RM115.61
d.
RM198.61
e.
RM107.61
f.
RM113.61
1 answer