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fgiga [73]
3 years ago
7

Colin invests £1200 into his bank account.

Mathematics
1 answer:
andreev551 [17]3 years ago
3 0
He will earn £360, for a total in his account of £1560.

The formula for simple interest is

I = prt, where I is the amount of interest, p is the principal invested or borrowed, r is the rate as a decimal number, and t is the amount of time.  Using our information we have:

I = 1200(0.1)(3) = 360

This is the amount of interest.  We add this to his original 1200 to get the total amount:
1200 + 360 = 1560.
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