Question

someone invests £980 into his bank account. they receives 2.1% per year simple interest. How much will that person have after 4 years? Give your answer to the nearest penny where appropriate.

Answer 1

Step-by-step explanation:

S.I.=PRT/100

=980×2.1×4/100

=82.32

amount=p+si=980+82.32

1062.32rs

Answer 2

Step-by-step explanation:

Step-by-step explanation:

Given, Principal = P = £ 980

Rate of interest = R = 6% = \frac{6}{100}

100

6

= 0.06

Time = T = 7 years

Amount = A = P + S.I

Simple Interest = S. I = PRT = 980 x 0.06 x 7 = £ 411.6

Amount after 7 years = £ 980 + £ 411.6 = £ 1391.6 ≈ £ 1392

Hence, Colin have £ 1392 in his bank account after 7 years.