Question

© Dan invests £1500 into his bank account.

He receives 3% per year simple interest.
How much will Dan have after 2 years?
Give your answer to the nearest penny where appropriate.​

Answer 1

£1590

Explanation:

Simple interest = PTR/100

= £1500x2x3/100

= 15x2x3 = 90

£90 is simple interest

So amount = Principcal + Interest

Amount = 1500 + 90

= £1590

Answer 2

`i = p * r * t / 100`

1500×3×2÷100=90