jessicameavewatson1 jessicameavewatson1
  • 04-05-2020
  • Mathematics
contestada

Colin invests £1200 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.

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MikeMart77
MikeMart77 MikeMart77
  • 04-05-2020

Answer:

After 3 years, he will have £3960,00

Step-by-step explanation:

Simple interest is defined as:

[tex]a = p(1 + rt)[/tex]

Where:

a = final amount

p = principal / original amount

r = decimal rate of interest

t = number of years

Therefore:

[tex]a = 1200(1 + 0.1)(3) \\ = 1200(1.1)(3) \\ = 3600 \times 1.1 = 3960[/tex]

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king861
king861 king861
  • 04-05-2020
The answer is after 3 years he will have £3960,00


Hope this will help you! :)
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