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21 June, 09:03

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.

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  1. 21 June, 12:48
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    Answer:24

    Step-by-step explanation:

    First solve:

    800*5 = 4,000

    Then:

    96 divided by 4,000 = 0.024

    0.024 in percent = 24%

    Thus, 24% will be your answer
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