Question

Edwin has £300 in his saving account

His bank offers him a fixed 5% simple interest rate per annum for a period of 3 years
How much interest will he have earned after 3 years ?

Answer 1

300 x 1.05 = 315
315 x 1.05 = 330.75
330.75 x 1.05 = 347.2875
347.29

Answer 2

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