Arjun puts £750 into his savings account. The account earns 5% simple interest per annum. After 4 years, how much money will Arjun have in his savings account? £ Connor invests £1500 of his money for 2 years at a simple interest rate of 10%. How much money will he get back in interest? £
Answers
Given : Arjun puts £750 into his savings account.
The account earns 5% simple interest per annum.
Connor invests £1500 of his money for 2 years at a simple interest rate of 10%. How much money will he get back in interest?
To Find : After 4 years, how much money will Arjun have in his savings account?
How much money will Connor get back in interest?
Solution:
SI = P * R * T /100
Arjun
P = 750 £
R = 5 %
T = 4
SI = 750 * 5 * 4 /100 = 150
Amount = 750 + 150 = 900 £
After 4 years, Arjun have in his savings account = 900 £
Connor
P = 1500 £
R = 10 %
T = 2
SI = 1500 * 10 * 2 /100 = 300
money Connor get back in interest = 300 £
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