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Dan invests £22000 into his bank account. He receives 2.5% per year simple interest. How much will Dan have after 3 years? Give your answer to the nearest penny where appropriate.
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Dan invests £22000 into his bank account.

He receives 2.5% per year simple interest.
How much will Dan have after 3 years?
Give your answer to the nearest penny where appropriate.

User Lidqy
by
8.0k points

1 Answer

12 votes

Answer:

£23650

Explanation:

FV (or AV) = PV(1+it)

22000(1+.025*3)

22000(1.075)

23650

User Ambar
by
7.4k points
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