Brian invests £1800 into his bank account. He receives 5% per year simple interest. How much will Brian have after 6 years? Give your answer to the nearest penny where appropriate.
Answers
Answered by
1
Answer:
Amount received after 6 years = 2340.00
Step-by-step explanation:
Method 1
Simple Interest = (Principal * rate of interest * time) /100
Simple Interest = (1800 * 5 * 6) / 100
Simple Interest = 540
Now,
Amount received after 6 years = Principal + 6year's interest
Amount received after 6 years = 1800 + 540
Amount received after 6 years = 2340.00
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Method 2
If Principal is £100 and interest is £5 in 1 year.
For £100 (P) ---> £5 (Interest) in one year
For £1800 (P) --> (5/100)*1800 = £90 in one year
Interest in 6 years = 6*90 = £540
Amount received after 6 years = 1800 + 540 = 2340.00
Answered by
0
Answer:
the correct answer is 3263.98
Step-by-step explanation:
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