Find the number of days using Bankers Rule if RM990 was invested at 5% simple interest rate and received interest RM200.
a.
3.5 years
b.
3 years
c.
13 weeks
d.
no answer
e.
43 weeks
f.
1455 days
To find the number of days using Bankers Rule, we need to use the formula:
Days = (Interest / (Principal x Interest rate)) x 365
Given:
Principal = RM990
Interest = RM200
Interest rate = 5%
Plugging in these values into the formula:
Days = (200 / (990 x 0.05)) x 365
Days = (200 / 49.5) x 365
Days = 4.040404... x 365
Days ≈ 1476
So, the correct option is f. 1455 days.