Question

Brian invests £2300 into his bank account. He receives 10% per year simple interest. How much will Brian have after 2 years? Give your answer to the nearest penny where appropriate.

Answer 1

Answer:

$\large{\underline{\boxed{\mathfrak\blue{He \: will \: have\: after \: 2 \: years = £2760 }}}}$

$\rule{100}2$

Question:-

Brian invests £2300 into his bank account.He receives 10% per year simple interest.How much will Brian have after 2 years?

Solution:-

[As it is not said in the question that what he will have after 2 years.So we can find both simple interest and Total principal.]

Given:-

• Principal (p) = £2300
• Rate of interest (r) = 10%
• Time(n) = 2 years.

To find:-

• Simple interest and Total amount.

We know formula:-

$\star\: {\boxed{\mathfrak\green{Simple \: interest = \dfrac{P \times r \times n}{100} }}}$

• Putting values:-

$\dashrightarrow\sf Simple \:interest =\dfrac{2300 \times 10 \times 2}{100}\\\\\dashrightarrow\sf Simple \: interest = 23 \times 10 \times 2 \\\\\dashrightarrow\large\sf\blue{ Simple \: interest = Rs.460 }$

$\therefore{\underline{\rm{He \: will \: have \: £460 \: as \: interest}}}$

$\rule{100}1$

• Total amount:-

$\dashrightarrow\sf Total \: amount = Principal + Interest \\\\\dashrightarrow\sf Total \: amount = 2300 + 460 \\\\\dashrightarrow\large{\underline{\boxed{\sf\green{Total \: amount = £2760}}}}$

$\therefore{\underline{\rm{He \: will \: have \: £2760 \: as \: total \: amount}}}$

Answer 2

$\huge\underline\mathbb { SOLUTION:-}$

Given:

• P = £2300
• R = 10%
• T = 2 years

Here,

• P is used for Principal.
• R is used for Rate of interest.
• T is used for Time.

To Find:

Simple interest (SI) and Total amount

Explanation:

$\underline \mathsf \green {Formula\:Used\:Here\:-}$

• Simple interest = P × R × T / 100

$\underline \mathsf \red {According\:to\:question,}$

↪ Simple Interest (SI) = $\mathsf {\frac{2300 \times 10 \times 2}{100} }$

↪Simple Interest (SI) = 23 × 10 × 2

↪Here, Simple Interest (SI) = ₹ 460.

Therefore,

• He will have interest = £460.

Total Amount:

• Principle + Interest

↪Total Amount = 2300 + 460

↪Total amount = £2760

Therefore,

He will have total amount = £2760.