Question

Brian invests £2300 into his bank account.

He receives 10% per year simple interest.
How much will Brian have after 2 years?
Give your answer to the nearest penny where appropriate.

Answer 1

2783 pounds

Explanation:

He has got 2300. The factor by which that is multiplied is 1,1 (+10%).

The time given is 2 years. We will calculate it by using equation:

`2300*1.1^(2)`

2783