£2200 is deposited in a bank paying 0.5% simple interest per annum. How much interest will have been paid after 18 years?
1 answer:
Answer:
The answer would be £198
principal (p) = 2200
Rate (R) = 0.5%
Time (T) = 18
Interest(I) = ?
Now,
or, Interest. = P×T×R/100
or, Interest = 2200×18×0.5/100
or, Interest = 19800/100
Hence, Interest = 198
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