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
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