Question

edin has £300 in his savings account
his bank offers a fixed 5% simple interest per annum, for 3 years
how much interest will he have earned after 3 years

Answer 1

Answer:

SI = P*R*T/100 = 300*5*3/100 = 45£ (Ans.)

Answer 2

Answer:

Sum of money = £ 300

Rate of percentage of money = 5%

Time = 3 yrs

Now the Simple Interest =

$(sum \times rate \times time ) \div 100$

=£ 300 × 5 × 3 / 100

=£ 45

Therefore, the interest is £ 45.

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