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

The Sheek Geek asked Apr 25, 2023

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Alexandra invests £885 into an account that pays 2.75% simple interest per year.

Work out the total interest Alexandra gets after 16 years

The Sheek Geek asked Apr 25, 2023

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13 votes

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

Anbanm answered Apr 28, 2023

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