Question

Enid has £300 in his saving account his bank offers him a fixed 5% simply interest rate per annum for a period of three years how much interest will he have and after for years

Answer 1

The interest will be £45 after 3 years

and £60 after 4 years

Explanation:

Principal p = £300, rate r = 5%, time t = 3 year

SI = PRT/100

Interest = (300*5*3)/100

SI = 3*5*3

SI = £45

And after 4 years

Interest = (300*5*4)/100 = 3*5*4

Interest = £60