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NeTakaya
3 years ago
15

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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