shikamaru1147
Answered

At Westonci.ca, we connect you with the best answers from a community of experienced and knowledgeable individuals. Join our platform to get reliable answers to your questions from a knowledgeable community of experts. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.

The total simple interest on $1600 invested for five years is $224. What is the percentage rate per annum?

Sagot :

fishwithpaypal

Answer:

The percentage rate per annum is 2.8%

Step-by-step explanation:

We need to multiply the principal by the time, then divide the interest by the product of P×T, so:

1,600 × 5 = 8,000

224 ÷ 8,000 = 0.028

Then we convert our final product to a percentage.

0.028 to a percent is 2.8%

wizard46

Step-by-step explanation:

did u got the answer??.....

Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Stay curious and keep coming back to Westonci.ca for answers to all your burning questions.