Work out the balance for £5000 invested for 5 years at 7% per annum
1 answer:
Given:
Principal : 5,000
Interest rate : 7% per annum
Term : 5 years
Simple interest is computed by multiplying the principal, the interest rate, and the term.
Simple Interest = Principal * interest rate * term
S.I. = 5,000 * 7% * 5years
S.I. = 350 * 5 years
S.I. = 1,750
An investment of 5,000 will earn a total of 1,750 within 5 years at 7% per annum.
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