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Edwin has £300 in his saving account His bank offers him a fixed 5% simple interest rate per annum for a period of 3 years How much interest will he have earned after 3 years ?
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21 votes
Edwin has £300 in his saving account

His bank offers him a fixed 5% simple interest rate per annum for a period of 3 years
How much interest will he have earned after 3 years ?

User Ben Tidman
by
2.8k points

2 Answers

3 votes

300 x 1.05 = 315
315 x 1.05 = 330.75
330.75 x 1.05 = 347.2875
347.29
User RickMeasham
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3.6k points
6 votes

Answer:

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User Jeff Beagley
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3.3k points
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