Question

Colin invests £11180 into his bank account. He receives 5.4% per year simple interest. How much will Colin have after 6 years? Give your answer to the nearest penny where appropriate.

Answer 1

£ 14,802.32 total investment value.

Explanation:

11180 x 0.054^1 = 603.72 interest yr1

603.72 x 6 = 3622.32 interest yr 6

3622.32 + 11180 = 14802.32 = (interest + Initial) = total