Dan invests £1500 into his bank account. He receives 2.5% per year simple interest. How much will Dan have after 4 years? Give your answer to the nearest penny where appropriate.

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asked Jun 3, 2021 161k views

3 votes

Dan invests £1500 into his bank account.

He receives 2.5% per year simple interest.
How much will Dan have after 4 years?
Give your answer to the nearest penny where appropriate.

Mathematics
high-school

Rzv asked

by Rzv

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2 Answers

1 vote

Answer:

1500+500=15500

Explanation:

PRT/100

=1500×2.5×4/100

=150

15000+500=£15500

15500×100=1,550,000penny

Rodrigo Loza answered Jun 5, 2021

by Rodrigo Loza

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2 votes

Answer: 1655.72

Explanation:

1500( 1 + 0.025)^4 = 1655.72

Ranvijay Sachan answered Jun 10, 2021

by Ranvijay Sachan

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