Ranee keeps £360 in a savings account for a year. At the end of the year she gets £13.50 in interest.Work out the interest rate on the account.Give your answer as a percentage. What's the answer guys and girls
Can men and women answer this question for you?
yes
:-)
I = PRT
13.5 = 360R
13.5 / 360 = R
0.0375 = 3.75%
thanks so the answer is 3.75%
Yes and you're welcome.
To find the interest rate on the account, you can use the formula:
Interest rate = (Interest / Principal) * 100
In this case, the principal (original amount) is £360 and the interest earned is £13.50.
Plugging these values into the formula, we get:
Interest rate = (13.50 / 360) * 100
Calculating this, we find:
Interest rate = 0.0375 * 100 = 3.75%
Therefore, the interest rate on the account is 3.75%.