Question

You have deposited SEK 10,000 in an account that gives 2% interest every year. How much have you received in interest after two years?

Answer 1

Deposite amount (P) = 10000

Interest ( R) = 2%

Years (T) = 2

Formula

S.I =PRT÷100

S.I =10000×2×2÷100

S.I =40000÷100

S.I =400

You have received interest after 2 years =400

Explanation:

Answer 2

404

Explanation:

2% of 10000 = 200 in the first year, setting your account to 10200

2% of 10200 = 204 in the second year, setting your account to 10404

In the total of 2 years, you received 404 extra