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.
Answers
Answered by
21
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)
-----
A(5) = 2100*1.0175^10
-----
A(5) = $2497.83
Answered by
4
Principal = £2100
Rate = 5% p.a.
Time = 3 years
SI = PRT/100
= (2100*5*3) / 100
= £315
Amount he will recieve after 3 years
= Principal + SI
= 2100 + 315
= £2415
Mark as brainliest .
Rate = 5% p.a.
Time = 3 years
SI = PRT/100
= (2100*5*3) / 100
= £315
Amount he will recieve after 3 years
= Principal + SI
= 2100 + 315
= £2415
Mark as brainliest .
Similar questions