Question

£2300 is invested for 4 years at 5% per year simple interest. Work out the total interest

Answer 1

Answer: £460

Explanation:

Use this formula to find the total interest
`I=(P*R*T)/(100)`

I stands for interest, P is principal, R is rate, and T is time.

Principle = £2300

Rate = 5%

Time = 4 years

`(2,300*5*4)/(100) =(46,000)/(100) =460`

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Answer 2

£460

Explanation:

Simple interest =PRT/100

Where P = principal

R= rate

T = Time

Given

P= £2300

T= 4yrs

R = 5%

Interest = 2300 x 5 x 4/100

Multiply through

Interest = 46000/100

Interest = £460