Question

Colin invests £1100 into his bank account.

He receives 5% per year simple interest.
How much will Colin have after 3 years?

Answer 1

future worth is 1273.36

Explanation:

F = 1100(f/p,5%,3)

using interest table

F= 1100(1.1576)

F= 1273.36

Answer 2

165 intreset 1265 total

Explanation:

I = P*R*T

1100*.05*3