Question

Work out the balance for £3000 invested for 3 years at 5% per annum. Thank you

Answer 1

`\bf ~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &3000\\ r=rate\to 5\%\to (5)/(100)\dotfill &0.05\\ t=years\dotfill &3 \end{cases} \\\\\\ A=3000[1+0.05(3)]\implies A=3000(1.15)\implies A=3450`

Answer 2

1123354254656254345345346