Colin invests £1100 into his bank account. He receives 5% per year simple interest. How much will Colin have after 6 years? Give your answer to the nearest penny where appropriate.
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Step-by-step explanation:
Principal(P) = £1100
Rate of interest(R) = 5%
Time (t) = 6 years
amount(a) =p (1 + \frac{tr}{100})amount(a)=p(1+
100
tr
)
a = 1100(1 + \frac{6 \times 5}{100} )a=1100(1+
100
6×5
)
a = 1100(1 + \frac{30}{100})a=1100(1+
100
30
)
a = 1100( \frac{100}{100} + \frac{30}{100} )a=1100(
100
100
+
100
30
)
a = 1100( \frac{130}{100})a=1100(
100
130
)
a = 11( 130)a=11(130)
a = 1430a=1430
We know that 1 pound = 100 pence
So, 1430 pounds = 1430 * 100 = 143000 pence
Therefore money with Colin after 6
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