Question

Dylan invested some money in his bank.

He agreed a simple interest rate of 3% per annum for a period of 2 years.
At the end of the 2-year period the value of his investment increased by £72.
Work out the value of Dylan's initial investment.

Answer 1

two years at 3% = .03*2 = .06

so

.06 times original deposit = 72

so 72/.06

which is

1200