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