Question

Dan invests £18790 into his bank account. He receives 5,3% per year simple

interest. How much will Dan have after 7 years? Give your answer to the nearest
penny where appropriate,

Answer 1

697109 pennies

Explanation:

First, you use the formula A = P (1 + rt).

R= rate which is 5.3%

T= time which is 7 years.

P is the principle which is 18790

A= is the answer

so first you multiply 7*5.3% which you get 0.371

then you multiply that with 18790 which then you get 6971.09

if you want pennies you multiply it with 100 to get 697109