Question

Dan invests £1500 into his bank account.
He receives 3% per year simple interest.
How much will Dan have after 2 years?
Give your answer to the nearest penny where appropriate.

Answer 1

P= £1500

r=3% per annum

so,

i=1500×3×2/100

i=€60

Dan revived

=p+I

=£(1500+60)

=£1560.

Answer 2

Answer:

1590

Step-by-step explanation:

1% of £1500= £15

£15 * 3 as it is 3% simple interest

= £45*2 (because it is 2 years)

= £90

lastly:

1500+90=1590

Your welcome :D