Find the interest received using Bankers Rule if RM100000 was invested at 6.5% simple interest rate for 11 days.
To find the interest received using Bankers Rule, we need to determine the number of days in a year that the interest rate is based on.
Bankers Rule assumes a 360-day year rather than the usual 365 or 366 days.
In this case, the interest rate is 6.5% per year, so for 11 days, the rate would be:
(6.5 / 360) * 11 = 0.029027777777777776
To calculate the interest received, we multiply the principal amount by the rate:
Interest = 100000 * 0.029027777777777776 = 2,902.78
Therefore, the interest received using Bankers Rule if RM100000 was invested at a 6.5% simple interest rate for 11 days would be RM2,902.78.