Question

Colin invests £2100 into his bank account.
He receives 5% per year simple interest.
How much will Colin have after 3 years?

Answer 1

Answer:

£2415 will Collin have after 3 years...

Answer 2

Answer: the amount after three years is £2415

Step-by-step explanation:

So we are given the principal : 2100£

Time: 3 years , rate of interest : 5 % yearly

So the first step is to find the simple interest . Given by

Simple interest = (principal x rate of interest x time ) /100

Thus ,

Simple interest = (2100 x 5 x 3) / 100

= 315 £

The total amount received by collin = principal +simple interest

=2100 + 315

=2415 £