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Abi invests £500 for 4 years in a bank account. The account pays simple interest at a rate of 2.3% per year. Work out the total amount of interest Abi has got at the end of 4 years.
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Abi invests £500 for 4 years in a bank account.

The account pays simple interest at a rate of 2.3% per year.

Work out the total amount of interest Abi has got at the end of 4 years.

User Odeyinka Olubunmi
by
6.8k points

1 Answer

7 votes
Total interest= principal*interest rate*time
I=500×0.023×4
I=46
User Dmitry Leskov
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7.8k points
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