Question

Colin invests £2200 into his bank account. He receives 2.5% per year simple interest. How much will Colin have after 3 years? Give your answer to the nearest penny where appropriate.

Answer 1

• Colin will have $2365 after 3 years.

Explanation:

Using PRT/100, we can find the interest and then sum it up with the principle amount.

• => 2200 x 2.5 x 3/100 = Interest
• => 22 x 2.5 x 3 = Interest
• => 55 x 3 = Interest
• => 165 = Interest
• => 2200 + 165 = Total amount
• => $2365

Hence, Colin will have $2365 after 3 years.

Hoped this helped.

`BrainiacUser1357`