Question

collin invests £11180 into his bank account. he receives 4.3% per year simple interest. how much will collin have after 3 years?

Answer 1

Explanation:

To calculate simple interest use the following formula

Presentvalue(1+it)

where i=interest

t=time

We can easily plug in our values and solve for the answer

11180(1+0.043*3)

Put this into a calculator and get £12622.22