rian invests £990 into his bank account. He receives 5.2% per year simple interest. How much will Brian have after 2 years? Give your answer to the nearest penny where appropriate.
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Answer:
£1092.26
Step-by-step explanation:
Principal (P) = £990
Rate of Interest (R) = 5.2% p.a.
Time (T) = 2 yrs
SI = (P x T x R)/100 = (990 x 5.2 x 2)/100 = 10296/100 = £102.96
∴ Amount after 2 years = SI + P = £990 + 102.96 = £1092.96
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