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Ethan invested £500 in the bath for 2 years. He earned £30 simple interest in total. What was the simple interest rate per annum?

Respuesta :

Quad12364

Answer:

3%

Step-by-step explanation:

To calculate the simple interest rate per annum, we can use the formula:

  • Simple Interest = (P * R * T) / 100

Where:

P = Principal amount (the amount invested)

R = Rate of interest (per annum)

T = Time period (in years)

Given that Ethan invested £500 for 2 years and earned £30 in simple interest, we can plug in the values to solve for R:

  • 30 = (500 * R * 2) / 100

Simplifying this equation, we get:

  • 30 = 10R

R = 3

Therefore, the simple interest rate per annum is 3%

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