Question

Billy invests £800 for 5 years in a savings account.
By the end of the 5 years he has received a total of £96 simple interest.
Work out the annual rate of simple interest.
Total
SOMEONE HELP ME PLSS

Answer 1

Answer:

He gets £19.20 annually

Explanation:

Billy has received £96 pounds in 5 years. Tis question uses simple interest which is considerably easier that compound interest which changes. Now, you must divide £96 by 5 to get £19.20

This means he gets £19.20 annually