Question

Daniel invests £300 into his bank account. He receives 15% per year simple interest. How much will Daniel have after 6 months?

Answer 1

Answer:

£322.50

Explanation:

Principal (P) = £300

Rate (R) = 15%

Time (T) = 6 months = 1/2 years

Simple Interest (SI) = PRT/100

=> SI = 300 × 15 × 1/2 × 1/100

=> SI = £22.50

Amount = P + SI = £300 + 22.50 = £322.50

Hence, Daniel would have £322.50 after 6 months.