Question

Dan invests £13000 into his bank account. He receives 4% per year simple interest. How much will Dan have after 6 years? Give your answer to the nearest penny where appropriate.

Answer 1

16120

Explanation:

0.04 x 6 = 0.24 (Simple Interest)

1 + 0.24 = 1.24 (Total interest)

13000 * 1.24 = 16120

Hope this helped.