Colin invests £2100 into his bank account.
He receives 5% per year simple interest.
How much will Colin have after 3 years?
Answers
Answered by
2
Answer:
£2415 will Collin have after 3 years...
Answered by
1
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 £
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