Dan invests £22000 into his bank account. He receives 2.5% per year simple interest. How much will Dan have after 3 years?
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Answer:
Dan will have £23650 after 3 years.
Step-by-step explanation:
Principal = £22000
Rate = 2.5% per annum
Time = 3 years
Simple Interest (S.I) = P × R × T/100 = 22000 × 2.5 × 3/100 = £1650
Amount (A) = P + S.I = £22000 + £1650 = £23650
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