Question

£13,000 was deposited in a savings account that pays simple interest. After 15 years, the account contains £19,825. Work out the annual interest rate of the account. Give your answer as a percentage (%) to 1 d.p. £ 13,000 was deposited in a savings account that pays simple interest . After 15 years , the account contains £ 19,825 . Work out the annual interest rate of the account . Give your answer as a percentage ( % ) to 1 d.p.​

Answer 1

Answer:

The answer is 29%

Step-by-step explanation:

Interest = principal × time × rate / 100

now make the rate alone,

Rate = principle × time / 100 × interest

=13,000 × 15y / 100 × 6,825

= 6 / 21

to convert this to a percentage we have to multiply by 100.

6/ 21 × 100

= 28.57 %

now round it to the nearest whole number.

so, 28.57 = 29 %