Kenny has £3200 in a savings account. After a year, the bank pays him interest increasing his balance to £3360. What percentage rate was applied to the account?
Kenny originally had £3200 After a year, he had £3360 £3360 - £3200 = £160 160/3200 = 0.05 0.05 x 100 = 5% Therefore, a 5% interest rate was applied to Kenny's account
MC
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