Question

Colin invests £5000 into his bank account.

He receives 10% per year simple interest.
How much will Colin have after 3 years?
Give your answer to the nearest penny where appropriate.​

Answer 1

6500

Explanation:

10% of 5000 is 500. So 500 × 3(years) would be 1500. Add that with the 5000 and you'd get 6500.