Dan invests £18790 into his bank account. He receives 5.9% per year simple interest. How
1 answer:
Answer: <u>£21007.22 </u>
Step-by-step explanation:
First, find the interest amount using the formula SI = (P × R × T) / 100.
SI = interest amount P = principle amount = £18790 R = interest rate(in percentage) = 5.9 T = time(in years) = 2 SI = (P × R × T) / 100 = (18790 × 5.9 × 2)/100 = 221722/100 = £2217.22
The total amount = principle amount + interest amount
= £18790 + £2217.22 = <u>£21007.22 </u>
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