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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.

1 answer

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

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