12d^6e^7
Work out the annual rate of simple interest.
Answer:
2.4%
Step-by-step explanation:
Simple interest (I) is calculated as
I =
where P is the principal, R the rate of interest and T time in years
Here I = 96, P = 800 and T = 5, thus
96 = =
= 40R ( divide both sides by 40 )
R = = 2.4%