Question

Brian invests £990 into his bank account. He receives 5.2% per year simple interest.

How much will Brian have after 2 years? Give your answer to the nearest penny where
appropriate.

Answer 1

$1092.96

Explanation:

Based on the given conditions, formulate: 990 × ( 1 + 2 × 5.2% )

Calculate the product or quotient: 990 × ( 1 + 0.104 )

Calculate the sum or difference: 990 × 1.104

Calculate the product or quotient: 1092.96

Round the number: 1092.96

Answer: $1092.96