chloedady241 chloedady241

14-01-2021
Mathematics

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Maria invests £4500 in a savings account for 3 years the account pays simple interest at a rate of 1.8% per year work out the annual rate of simple interest

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abidemiokin abidemiokin

19-01-2021

Answer:

£81

Step-by-step explanation:

Given the following

Principal = £4500

Rate = 1.8%

Time = 3 years

Required

Annual simple interest

GEt the interest for the whole period first

SI = PRT/1pp

SI = 4500*1.8*3/100

SI = 45 * 1.8 * 3

SI = 243

Annual simple interest = Simple interest/Total number of years

Annual simple interest = 243/3

Annual simple interest = 81

Hence the annual simple interest is £81

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