Question

£2300 is invested for 4 years at 5% per year simple interest.

Work out the total interest.

Answer 1

Answer: £460

Explanation:

Use this formula to find the total interest
`I=(P*R*T)/(100)`

I stands for interest, P is principal, R is rate, and T is time.

Principle = £2300

Rate = 5%

Time = 4 years

`(2,300*5*4)/(100) =(46,000)/(100) =460`

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Answer 2

The total interest is £460.

Explanation:

Formula

`Simple\ interest = (Principle* Rate* Time)/(100)`

As given

£2300 is invested for 4 years at 5% per year simple interest.

Principle = £2300

Rate = 5%

Time = 4 years

Put in the formula

`Simple\ interest = (2300* 5* 4)/(100)`

`Simple\ interest = (46000)/(100)`

Simple interest = £460

Therefore the total interest is £460.