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Vladimir79 [104]
3 years ago
5

Colin invests £4000 into his bank account. He receives 5% per year simple interest. How much will Colin have after 3 years? Give

your answer to the nearest penny where appropriate.
Mathematics
1 answer:
MakcuM [25]3 years ago
7 0

Answer:

2750

Step-by-step explanation:

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Briony invests some money. Interest is paid on the money at a rate of 2% per annum for the first year and 1% per annum for the s
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Answer:

Brionny invested £8400.

Step-by-step explanation:

Simple Interest

This is a simple interest problem.

The simple interest formula is given by:

E = P*I*t

In which E is the amount of interest earned, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.

After t years, the total amount of money is:

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In this question:

We divide in two intervals, the first year and the second year. We have to know that the amount after the end of the first year is the principal at the start of the second year.

First year:

Amount of 2% interest, during 1 year.

So the interest earned is:

E = P*I*t = P*0.02*1 = 0.02P

The total amount at the end of the first year is:

T = E + P = 0.02P + P = 1.02P

Second year:

We have that:

P = 1.02P

The interest earned is of:

E = P*I*t = 1.02P*0.01*1 = 0.0102P

The total amount is:

T = E + P = 0.0102P + 1.02P = 1.0302P

After two years, the investment is worth £8653.68 How much did Briony invest?

So

1.0302P = 8653.68

P = \frac{8653.68}{1.0302}

P = 8400

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