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3 years ago

Work out the balance for £3000 invested for 3 years at 5% per annum

1 answer:

6 0

It depends in the type on interest

Simple Interest
PxRxT
£3000 x 0.05 x 3 = £450
£3000 + £450 = £3450

Compound Interest
Px(1+R)^T
£3000 x (1 + 0.05)³ = £3472.875 = £3472.88

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Step-by-step explanation:

Consider the figure below,

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We have to find distance BC,

Using trigonometric ratio,

$\tan\theta=\frac{Perpendicular}{base}$

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$\tan\theta=\frac{AB}{BC}$

$\tan 11.1^{\circ} =\frac{4000}{BC}$

Solving for BC, we get,

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