Question

a savings account recieves 12% simple interest p.a. how long would it take for £30000 to gain £7200 in interest

Answer 1

2 years

Explanation:

I= PRT/100

I=£30000 x 12 x 1 /100 =£3600

Since the interest for one year is £3600, the interest for two years is £3600x2 =£7200