Question

Daniel invests £2200 into his bank account.
He receives 5% per year simple interest.
How much will Daniel have after 2 years?
Give your answer to the nearest penny where appropriate.

Answer 1

P=£2200
R%=5%
T=2 yrs

I=(PRT)/100
=(2200×5×2)/100
=£ 220

A=I+P
=2200+220
=£ 2420

Ans: £ 242000

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