Question

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

Answer 1

Answer:

Firstly, to calculate interest take the principal multiply by the time(years), multiply by the percentage(in decimals) , which is £2200×2×0.05=£220

Secondly, add the interest to the original amount, which is 2200+220=£2420, to get the total.

Step-by-step explanation:

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