Question

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

Answer 1

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

Answer 2

£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)