Sarah invests £9600 at a simple interest rate of 8% per year. Work out the value of the investment after 3 years

Question

asked Mar 1, 2019 4.0k views

2 Answers

CptBartender · Answer 1 · 2019-03-03T19:20:06+0000

Answer:

Step-by-step explanation

Simple interest = PRT/100

interest on £9600 = 9600*8*3/ 100

= £2304

So the value after 3 years = 9600 + 2304

= £11,904

Marcel Overdijk · Answer 2 · 2019-03-06T04:48:33+0000

Answer:

£11,904

Explanation:

Simple interest = PRT/100 where P = initial investment, R = rate and T = time.

So interest on £9600 = 9600*8*3/ 100

= £2304

So the value after 3 years = 9600 + 2304

= £11,904 (answer)