Dan invests £22000 into his bank account.
He receives 2.5% per year simple interest.
How much will Dan have after 3 years?
Give your answer to the nearest penny where appropriate
Answers
Answered by
12
Answer:
£23650
Explanation:
Principal (P) = £22000
Rate (R) = 2.5%
Time (T) = 3 years
Simple Interest (SI) = PRT/100
SI = 22000 × 2.5 × 3 / 100
SI = £1650
Amount = P + SI = £(22000+1650) = £23650
Hence, Dan would have £23650 after 3 years.
Similar questions