Financial Maths (1 Viewer)

[Vittorio15]

Hey guys I'm in year 12 and I'm as dumb as a door nob when it comes to maths ......

Can someone help with this question

1) If $4800 is invested for 5 years and earns $2100 simple interest, the interest rate per year is

 

[ForbiddenND]

$2100 / 5 gives you interest rate per year.
$420 / $4800 x 100 will give you interest rate.
Therfore interest rate is 8.75%.

Hope I helped

 

[Vittorio15]

Oh god ,lol thanks heaps mate , Just one more question......where did you get the 100 from??

 

[Vittorio15]

lolz dw i know hahahahhahahahahaa