Question

Colin invests £1200 into his bank account.

He receives 10% per year simple interest.
How much will Colin have after 3 years?
Give your answer to the nearest penny where appropriate.

Answer 1

Answer:£1236

Explanation:

principal(p)=£1200

rate(r)=10%

Time(t)=3years

Simple interest=(p x r x t) ➗ 100

Simple interest=(1200x10x3) ➗ 100

Simple interest=3600 ➗ 100

Simple interest=36

Total amount=principal +simple interest

Total amount=1200+36

Total amount=1236