Answer:
3.2%
Step-by-step explanation:
-Let r be the simple interest rate per annum.
-Given the total amount after 1 year is 1857.60, the initial amount is 1800
#We use the simple interest formula to find the rate of interest:
[tex]Interest=Final\ Amount-Initial\ Amount\\\\=1857.60-1800\\\\=57.60\\\\I=Prt\\\\57.60=1800\times r\times 1\\\\r=\frac{57.60}{1800}\\\\=0.032\\\\=3.2\%[/tex]
Hence, the annual interest rate on the deposit is 3.2%
