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3 years ago

Dan invests £1300 into his bank account.

Mathematics

1 answer:

alexandr402 [8]3 years ago

7 0

Given parameters:

Principal = £1300

Interest rate = 5%

Duration = 2yrs

Unknown:

Total amount of Dan's principal = ?

To solve this problem, we apply the equation below:

Total investment worth = Principal + interest

Interest = $\frac{PRT}{100}$

where P is the principal

R is the rate

T is the time

Now, input the parameters;

Total investment worth = £1300 + £ $\frac{1300 x 5 x 2}{100}$

= £1300 + £130

= £1430

The amount after two years is £1430

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