Question

Dan invests £1200 into his bank account.

He receives 5% per year compound interest.
How much will Dan have after 5 years

Answer 1

Well 5% of £1200 would be £60 which would be equal to 1 year and then you multiply that by 5 to find 5 years which is 300 and then you add the £300 onto the starting amount so £1200 + £300 = £1500