Question

Colin invests £11180 into his bank account. He receives 5.4% per year simple interest. How much will Colin have after 6 years?

Answer 1

Answer:

Amount of interest = £3,622.32

Total amount received = £14,802.32

Step-by-step explanation:

Given:

Amount invested = £11,180

Rate of interest = 5.4 % per year = 0.054

Number of year = 6 years

Find:

Amount of interest = ?

Total amount received = ?

Computation:

⇒ Amount of interest = Amount invested × Rate of interest × Number of year

⇒ Amount of interest = £11,180 × 0.054 × 6 years

⇒ Amount of interest = £3,622.32

⇒ Total amount received = Amount invested + Amount of interest

⇒ Total amount received = £11,180 + £3,622.32

⇒ Total amount received = £14,802.32