Colin invests £3700 into his bank account. He receives 7% per year simple interest. How much will Colin have after 4 years? Give your answer to the nearest penny where appropriate.
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Answer:
P=£3700
R=7%
T=4years
S.I=P×R/100×T
=3700×7/100×4
=37×7×4
=£1036
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