Question

Neil places £2,000 in a bank account that pays 1.5% simple interest per year.

How much interest will he earn in 6 years?

Answer 1

He will earn £186.89 interest

Explanation:

final = original x multiplier^n

final = 2000 x 1.015^6

final = 2186.886528

Interest = final - original

Interest = 186.8865