Question

£2300 is invested for 4 years at 5% per year simple interest what is the total interest?

Answer 1

Answer: interest = £460

Explanation:

SI = prt / 100

SI = 2300 x .05 x 4

SI = 460

Answer 2

£460

Explanation:

Investment= £2300

Time= 4 years

Interest rate= 5% PA simple

Total interest= £2300*4*5/100= £460