Question

Becky invests £5000 for 2 years in a bank account.

She gets simple interest at a rate of 3% per year.

Work out the total amount of interest Becky gets by the end of 2 years.

Answer 1

£5300

Explanation:

-first you find 3% of 5000, which is £150

-£150 only represents the intreset for one year, but becky invests for 2 years, so:

150*2= 300

-add them together:

300+5000=5300