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

amount with dan is 3,00,000 penny

Answer 2

Dan will have £ 1200 after 2 years

Solution:

Principal = 1000

Rate of interest per annum = 10 %

Number of years = 2

Find simple interest

$S.I = \frac{p \times n \times r}{100} \\\\S.I = \frac{1000 \times 2 \times 10}{100}\\\\S.I = 200$

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

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