Question

Colin invests £4000 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

Step-by-step explanation:

I=PTR/100

---4000×5×3/100

---40×5×3

---600

A=P+I

--4000+600

--4600

(or)

A=P(1+TR/100).

---4000(1+5×3/100)

---4000(100+15/100)

---4000×115/100

---40×115

--4600