Question

Colin invests £2200 into his bank account. He receives 2.5% per year simple interest. How much will Colin have after 3 years? Give your answer to the nearest penny where appropriate

Answer 1

Answer:

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Answer 2

Answer:

2365

Step-by-step explanation:

Principal(P) = £2200

Rate of interest(R) = 2.5%

Time (t) = 3 years

We know that 1 pound = 100 pence

So, 2365 pounds = 2365 * 100 = 2365