Question

Brian invests £990 into his bank account. He receives 2.6% per year simple interest. How much will Brian have after 3 years? Give your answer to the nearest penny where appropriate

Answer 1

£1067.22.

Explanation:

Interest I= PRT/100 where P = Initial investment, R = % rate, T = time.

So I = 990*2.6* 3 / 100

= £77.22

So total he will have in the bank

= 990+77.22

= £1067.22.