Question

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Daniel invests £2200 into his bank account.
He receives 10% per year simple interest.
How much will Daniel have after 2 years?
Give your answer to the nearest penny where appropriate.

Answer 1

`~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \pounds 2200\\ r=rate\to 10\%\to (10)/(100)\dotfill &0.10\\ t=years\dotfill &2 \end{cases} \\\\\\ A = 2200[1+(0.10)(2)] \implies A = 2200(1.2)\implies A = 2640`