Question

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.

Answer 1

Answer:

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Answer 2

Answer:

£1200

Step-by-step explanation:

Principal (P) = £1000

Rate of Simple Interest (SI) = 10% / year

Time of Simple Interest (T) = 2 years

Then -

SI = P×R×T / 100

SI = 1000 × 10 × 2 / 100

SI = 200

ANS : SI = £200, P = £1200