Question

=) Asif deposits $650 into a bank paying a simple interest. He leaves the money there
for 5 years. At the end of the 5 years, the amount in the bank is $763.75.
Calculate the percentage rate of interest the bank paid per year.

Answer 1

Answer:

interest he got per year is 22.75

Step-by-step explanation:

deposited money = 650

after 5 years = 763.75

interest he got = 763.75 - 650

                         = 113.75

interest he got each year = 113.75 / 5

                                          = 22.75