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You put $10,000 in a simple interest account at a bank you will eat 108 just for 4 years what is the annual interest rate for this account

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abiolatolu90

Answer:

The rate is 0.27%

Step-by-step explanation:

If interest = $108, principal = $10000, time = 4 years

Simple Interest = (principal × rate × time)/100

rate = (interest × 100)/(principal × time)

Substitute the value into the formula above

Rate = (108×100)/(10000×4)

= 108/400

Rate = 0.27%

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