Question

Jordan invests £17200 into his bank account.
He receives 3.5% per year simple interest.
How much will Jordan have after 6 years?
Give your answer to the nearest penny where appropriate.

Answer 1

Answer:

20812 penny

Step-by-step explanation:

17200+(17200×6×3.5)÷100=20812

Answer 2

Before, finding the answer. Let's find out how we can find the answer.

• In this question, we are asked to find how much will Jordan get after 6 years.
• So, to find that, we have to first find the Simple Interest.
• Then, to find the Amount, we have to add the Principal and Simple Interest.

___________________________

Given :

• Jordan invests = £17200
• Rate of Interest = 3.5%
• Time = 6 years

To find :

• much will Jordan have after 6 years

Solution :

⇒ Let's find the Simple Interest.

Simple Interest = P x R x T/100

                          = 17200 x 3.5 x 6/100

                          = 172 x 21/1

                          = 3612/1

                          = 3612

                         

⇒ Now, since we have calculated the Simple Interest, we can calculate the Amount.

Amount = Principal + Simple Interest

              = 17200 + 3612

              = 20812

Therefore, Jordan will receive £20812 after 6 years.