Alexandra invests £885 into an account that pays 2.75% simple interest per year. Work out the total interest Alexandra gets after 16 years

Question

asked Oct 8, 2023 128k views

1 Answer

ToastyMallows · Answer 1 · 2023-10-14T15:28:52+0000

Answer:

£389.4 (interest earned, not total amount of money in account)

Explanation:

Interest = principal * rate * time (years)

I = 885 * 0.0275 * 16

I = 398.4