Question

10

Colin invests £1700 into his bank account.
He receives 10% per year simple interest.
How much will Colin have after 3 years?
Give your answer to the nearest penny where appropriate.

Answer 1

£510

Explanation:

Simple interest = (principal × rate × time) / 100

Principal = £1700

Rate = 10%

Time = 3 years

Simple interest = (principal × rate × time) / 100

= (1700 × 10 × 3) / 100

= 51,000/100

= 510

Simple interest = £510