Find the number of days using Bankers Rule if RM990 was invested at 5% simple interest rate and received interest RM200.
a.
3 years
b.
3.5 years
c.
43 weeks
d.
no answer
e.
13 weeks
f.
1455 days
To find the number of days using Bankers Rule, we can use the formula:
Number of Days = (Interest / (Principal * Rate)) * 365
Given that the Principal (P) is RM990, the Interest (I) is RM200, and the Rate (R) is 5%, we can substitute these values into the formula:
Number of Days = (200 / (990 * 0.05)) * 365
Simplifying the equation:
Number of Days = (200 / 49.5) * 365
Number of Days ≈ 7.07 * 365
Number of Days ≈ 2578.55
Therefore, the closest option is f. 1455 days.