Dan invests £1000 into his bank account. He receives 10% per year simple interest. How much will Dan have after 2 years? Give your answer to the nearest penny where appropriate
Answers
Answered by
1
Dan will have £ 1200 after 2 years
Solution:
Principal = 1000
Rate of interest per annum = 10 %
Number of years = 2
Find simple interest
S.I. =( P X R X T ) ÷ 100
(1000 X 10 X 20÷ 100
= 200 POUND
How much will Dan have after 2 years?
Total amount = principal + simple interest
Total amount = 1000 + 200 = 1200
Thus, Dan will have £ 1200 after 2 years
PLS MARK BRAINLIEST
Similar questions