Respuesta :
Answer:
2.4%
Step-by-step explanation:
800×5=4000
96÷4000=0.024
0.024×100=2.4%
The annual rate of simple interest for this case of investment made by Billy is 2.4% per annum.
How to calculate simple interest amount?
If the initial amount (also called as principal amount) is P, and the interest rate is R% annually, and it is left for T years for that simple interest, then the interest amount earned is given by:
[tex]I = \dfrac{P \times R \times T}{100}[/tex]
For this case, we're specified that:
- P = £800
- T = 5 years
- I = £96
Thus, putting these values in the equation stated above:
[tex]96 = \dfrac{800 \times R \times 5}{100}\\\\R = \dfrac{96}{8 \times 5} =2.4 \: \rm percent[/tex] (per annum)
Thus, the annual rate of simple interest for this case of investment made by Billy is 2.4% per annum.
Learn more about simple interest here:
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