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

---40×15

---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

(or)

directly

100+5×3=100+15=115

4000×115/100.

40×115=4600

Answer 2

P = 4000 euros

R =5 percent

T = 3 years

Simple Interest = PTR/100

=600 Euros

THE AMOUNT WITH COLIN = SI + PRINCIPAL

4000 euros + 600 euros =4600 euros

SO THERE IS YOUR ANSWER PLZ

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