Question

Daniel invests £2200 into his bank account.

He receives 10% per year simple interest.
How much will Daniel have after 2 years?
Give your answer to the nearest penny where appropriate.

Answer 1

£440

Explanation:

According to the question,

Daniel invests £2200 into his bank account and he receive 10% per year simple interest.

So, money he'll have after a year = 10% of 2200 = 220

Money he will have after two years = 220×2 = 440

So he will have £440 after two years

Answer 2

£440

Explanation:

10% of 2200 = 220

So, he gets 220 per year.

220 x 2 = 440

£440