Question

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

Answer 1

Answer:

SI=P*T*R%/100 then interest is =£300*3*5/100=3*5*3=45

Answer 2

Edin has £300 in his savings account his bank offers him a fixed 5% simple interest rate per annum, for 3 years

The interest that he will have earned after 3 years is £45

Step-by-step explanation:

Amount Edin has P = £300

Rate of Interest r = 5%

Period n = 3 years

The interest earned in 3 years will be

$\boxed{I=\frac{nPr}{100}}$

$\implies I=\frac{3\times 300\times 5}{100}$

$\implies I=3\times 3\times 5$

$\implies I=45$£

Therefore, the interest earned is £45

Hope this helps.

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