Question

Ethan invested £500 in the bank for two years he earned £40 simple interest in total what was the simple interest rate per annum

Answer 1

Answer:

Step-by-step explanation:prt/100=40

                                            500(r/100)(2)=40

                                                              10r=40

                                                                  r=4%

Answer 2

Answer:

4%

Step-by-step explanation:

Given:-

Principle= £500

Time= 2

Interest= £40

Rate= ?

S.I= P×T×R ÷ 100

40 = 500×2×R ÷ 100

40 = 5× 2× R

40 = 10 ×R

10 ×R = 40

R = 40÷10

R = 4

THEREFORE RATE = 4%