Answer:
Rate of interest = 6.9 %
Step-by-step explanation:
Given in question as,
principal invested = $10000
Interest credited = $ 690
Time taken for the Principal amount = 1 year
Now the interest is applies on simple interest
SO, simple interest = [tex]\frac{Principal times Rate times Time}{100}[/tex]
Or, SI = [tex]\frac{PRT}{100}[/tex]
Or, 690 = [tex]\frac{10000 times 1 times Rate}{100}[/tex]
∴ Rate = [tex]\frac{69000}{10000}[/tex]
Hence Rate of interest= 6.9 % Answer