Find the number of days using Bankers Rule if RM990 was invested at 5% simple interest rate and received amount RM1000.
In Bankers Rule, the number of days can be calculated using the formula:
Number of days = (Interest / (Principal * interest rate) ) * 365
Given:
Principal (P) = RM990
Interest (I) = RM1000 - RM990 = RM10
Interest rate (R) = 5% = 0.05
Number of days = (10 / (990 * 0.05)) * 365
Number of days = (10 / 49.5) * 365
Number of days ≈ 7.374 days
Therefore, using Bankers Rule, the investment of RM990 at a 5% simple interest rate would take approximately 7.374 days to receive an amount of RM1000.