Ask Question
9 June, 18:40

Brian invests £1500 into his bank account. He receives 2% per year simple interest. How much

will Brian have after 3 years? Give your answer to the nearest penny where appropriate.

+3
Answers (1)
  1. 9 June, 20:04
    0
    Step-by-step explanation:

    Simple interest is given as

    S. I = PRT/100

    Where

    S. I is simple interest

    R is rate in %

    P is the principal

    And T is time in years

    So, given that

    Principal (P) = £1500

    Rate (R) = 2%

    Time (T) = 3years

    Then, we are asked to find amount after 3years

    S. I=PRT/100

    S. I=1500*2*3/100

    S. I = £90

    This is the interest Brian will receive

    So, the money will amount to

    Amount=Principal + interest

    Amount = 1500+90

    Amount = £1590.

    So Brian will have £1590 after 3years
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Brian invests £1500 into his bank account. He receives 2% per year simple interest. How much will Brian have after 3 years? Give your ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers