Question

Brian invests £990 into his bank account. He receives 2% per year simple interest. How much

will Brian have after 4 years?

Answer 1

`~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \£990\\ r=rate\to 2\%\to (2)/(100)\dotfill &0.02\\ t=years\dotfill &4 \end{cases} \\\\\\ A=990[1+(0.02)(4)]\implies A=990(1.02)(4)\implies A=4039.2`