Question

Colin invests £2100 into his bank account.
He receives 5% per year simple interest.
How much will Colin have after 3 years?
Give your answer to the nearest penny where appropriate.

Answer 1

Tabitha received $2,100 from her aunt as a birthday gift. She decided to put the money in an account to save for college. The account has a fixed interest rate of 3.5%, compounded semi-annually.

How much money will be in the account after five years?

----

A(t) = P(1+(r/n))^(nt)

-----

A(5) = 2100(1+(0.035/2))^(2*5)

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A(5) = 2100*1.0175^10

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A(5) = $2497.83

Answer 2

hope it may be helpful

I=PTR/100

I=2100×5×3/100

I=315

A =I+P

A=315+ 2100

A=2415

(or)

A=P(1+TR/100)

---2100(1+5×3/100)

---2100(100+15/100)

---2100×115/100

---2415

(or)

directly

100+5×3 =100+15 =115

2100×115/100

2415