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Dan invests £22000 into his bank account. He receives 2.5% per year simple interest. How much will Dan have after 3 years? Give your answer to the nearest penny where appropriate |
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Answer» £23650 EXPLANATION:Principal (P) = £22000Rate (R) = 2.5%TIME (T) = 3 yearsSimple Interest (SI) = PRT/100SI = 22000 × 2.5 × 3 / 100SI = £1650 Amount = P + SI = £(22000+1650) = £23650 Hence, DAN would have £23650 after 3 YEARS. |
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