Answer:
a) 5/3 %
Step-by-step explanation:
The simple interest calculation on a principal P deposited at an annual interest rate of r% for t years is
Interest I = P x r/100 x t
We are given I = 500, P = 15000, t = 2 years
Plugging in known values we get
500 = 15000 x r/100 x 2
500 = 300 r Simplify right side
300r = 500 Switch sides
r = 500/300 Divide both sides by 300
r = 5/3 % Simplify
