Question

Dan invests £1000 into his bank account. He receives 10% per year simple interest. How much will Dan have after 2 years? Give your answer to the nearest penny where appropriate.

Answer 1

1200

Explanation:

i=prt is the interest equation however we must find the total because it says After 2 years

first lets do 1000*.1*2=200

1000+200=

1200