Question

Dan invests £13000 into his bank account. He receives 4.3% per year simple interest. How much will Dan have after 5 years?

answer : 15795 :)

Answer 1

Amount after 5 year A = £15,795

Explanation:

Given:

Deposit amount P = £13,000

Rate or interest R = 4.3% = 0.043

Time T = 5 year

Find:

Amount after 5 year A

Computation:

A = P + I

Amount after 5 year A = P + [PRT]

Amount after 5 year A = 13,000 + [(13,000)(0.043)(5)]

Amount after 5 year A = £15,795