Question

Colin invests £1200 into his bank account. He receives 3% per year simple interest. How much will Colin have after 4 years?

Answer 1

P=£1200

I=3%pa

t=4 years

them SI

= (P×R×T)/100

=(1200×3×4)/100

=144

So after 4 year Colin will revived

p+SI

£1200+144

£1344.