Colin invests £980 into his bank account. He receives 0.3% per year simple interest. How much will Colin have after 7 years? Give your answer to the nearest penny where appropriate.
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Answer:
After seven years Colin will have 100£0.58
Step-by-step explanation:
Interest for first year,
I = 0.3% of 980 = 2.94
Interest for seven years
Total interest = 2.94 * 7 =20.58
After seven years he must have
Total amount = 980 + 20.58 =1000.58
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