Answer:
7% per annum
Step-by-step explanation:
Mathematically, we have t he formula for simple interest as;
I = PRT/100
I is the interest which is the difference between the amount deposited and the amount withdrawn
That would be 5445 - 4500 = 945
R is the rate which we want to calculate
T is the time which is 3 years
Thus, we have ;
R = 100I/PT
R = (100 * 945)/(4500 * 3)
R = 7%
