Respuesta :
Answer:
The rate is 2% per year.
Step-by-step explanation:
It is given that sum to be $1200000.
The interest per year to be received is $24000.
Let the rate of interest be "r".
The amount interest is given by the formula,
[tex](Interest) = (Principle amount)(\frac{Rate}{100})(Time)[/tex]
[tex]24000 = (1200000)(\frac{r}{100})(1)[/tex]
[tex]r = \frac{24000}{12000} = 2[/tex]
Thus the rate of interest is given by 2% per year.
