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Annual rate of simple interest

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Jenez uses the products method to check the interest on her savings account. She calculates that she is receiving interest at the rate of approximately 0.015% per day.

Calculate:

(a) the annual rate of simple interest paid to Ellie

(b) the interest earned on a balance of £12,000:

(i) for two days

(ii) for two years.

Reference no: EM131067888

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