Question

Dan invests £11000 into his bank account. He receives 7.5% per year simple interest. How much will Dan have after 3 years? Give your answer to the nearest penny where appropriate.

Answer 1

Answer:

2475

Step-by-step explanation:

p=£11000

t=3 yrs

r=7.5%

Now,

S.I=(P×T×R)÷100

=11000×3×7.5÷100

=110×3×7.5

=2475,,

Answer 2

Answer:

13475

Step-by-step explanation:

p=£11000

t=3 yrs

r=7.5%

Now,

S.I=(P×T×R)÷100

=11000×3×7.5÷100

=110×3×7.5

=2475+11000=

13475

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