Question

Colin invests £1100 into his bank account. He receives 5% per year simple interest. How much will Colin have after 6 years? Give your answer to the nearest penny where appropriate.

Answer 1

Explanation:

P = £1100

r = 5%

t = 6 years

I =P*r*t

`I =1100*(5)/(100)*6\\\\I=11*5*6\\\\I = 330`

Amount = P + I = 1100 + 330 = £1430