Question

£2,300 is invested for 4 years at 5% per year simple interest work out the total interest​

Answer 1

£460

Explanation:

First, converting R percent to r a decimal

r = R/100 = 5%/100 = 0.05 per year,

then, solving our equation

I = 2300 × 0.05 × 4 = 460

I = £ 460.00

The simple interest accumulated

on a principal of £ 2,300.00

at a rate of 5% per year

for 4 years is £ 460.00.