Question

Colin invests £14100 into his bank account.
He receives 9.0% per year simple interest.
How much will Colin have after 5 years?
Give your answer to the nearest penny where appropriate.

Answer 1

So he invests £14100

So, S.I =P x R x T /100

S.I =

$\frac{14100 \times 9 \times 5}{100}$

So We get

$= 6345$

So, Amount = Principal + Interest

= 14100 + 6345

= 20,445

£20,445 Is the answer

Hope this will help you

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