Answer:
Rate of interest will be 1.33 %
Return on this investment = [tex]=\frac{9020-9000}{9000}=0.222[/tex] %
Step-by-step explanation:
We have given principle amount P = $9000
Time = 61 days = [tex]\frac{61}{365}=0.167\ years[/tex]
We have to find the rate of interest
Total amount produce at the end of term = $9020
So interest = $9020 - $9000 = $20
We know that simple interest [tex]=\frac{principle\ amount\times rate\times\ time}{100}[/tex]
[tex]20=\frac{9000\times rate\times\\ 0.167}{100}[/tex]
[tex]rate=1.33[/tex] %
Return on this investment = [tex]=\frac{9020-9000}{9000}=0.222[/tex] %
