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What is the balance for £5000 invested for 5 years at 7% per annum?
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What is the balance for £5000 invested for 5 years at 7% per annum?

User Lajarre
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asumming simple interest rate.


\bf ~~~~~~ \textit{Simple Interest Earned Amount}\\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to& 5000\\ r=rate\to 7\%\to (7)/(100)\to &0.07\\ t=years\to &5 \end{cases} \\\\\\ A=5000[1+(0.07)(5)]\implies A=5000(1.35)
User Courier
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