Question

Dan invests £11125 into his bank account. He receives 3.3% per year simple interest. How much will Dan have after 4 years? Give your answer to the nearest penny where appropriate.

Answer 1

£11564.54

Explanation:

100 + 3.3 = 103.3%

103.3% = 1..013

£11125 x 1.013^3 = £11564.54

I hope this helped you!