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Ali invests £400 for 5 five years in a savings account. The account pays simple interest at a rate of 3.5% per year. Work out the total amount of interest Ali gets.
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2 votes
Ali invests £400 for 5 five years in a savings account. The account pays simple interest at a rate of 3.5% per year. Work out the total amount of interest Ali gets.

User Punkouter
by
7.1k points

2 Answers

3 votes

Answer:

Interest=P×T×R/100

400×1×3.5/100

=$14

5 years interest=14×5

=$70

Explanation:

User Nery Jr
by
7.8k points
5 votes
400 x (1 + 3.5%)^5 = £475.07

She makes £75.07 in interest
User Gans
by
8.1k points
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