Question

Colin invests £1200 into his bank account. He receives 3% per year simple interest. How much will Colin have after 4 years? Give your answer to the nearest penny where ap

Answer 1

Step-by-step explanation:

I=PTR/100

---1200×3×4/100

---12×12

---144

A=P+I

--1200+144

--1344

(or)

A=P(1+TR/100)

--1200(1+3×4/100)

--1200(100+12/100)

--1200×112/100

--12×112

--1344

(or)

100+3×4=100+12=112

1200×112/100

1344