Question

Paul invests £150 in a bank account paying 2% interest per annum for 10 years. Work out how much money he has in the account at the end of the 10 years

Answer 1

Answer: £180

Explanation:

The interest gotten for the 10 years will be calculated as:

= Principal × Rate × Time

= 150 × 2% × 10

= 150 × 0.02 × 10

= 30

The amount he has in the bank account at the end of the 10 year will be:

= Principal + Interest

= £150 + £30

= £180