LeenaBhamra
Answered

Katy invests £14 000 in a savings account for 3 years.
The account pays simple interest at a rate of 1.5% per annum.
Calculate the amount in her savings account Katy will get at the end of the 3 years

Answer :

musiclover10045

Simple interest formula:

Total = start x ( 1 + rate x time )

Total = 14,000 x ( 1 + (0.015 x3))

Total = 14,000 x 1.045

Total = 14,630

semsee45

Answer:

£14,630

Step-by-step explanation:

Simple interest formula:  A = P(1 + rt)

where:

  • A = final amount
  • P = principal amount
  • r = annual interest rate (as a decimal)
  • t = time (in years)

Given:

  • P = £14,000
  • r = 1.5% = 0.015
  • t = 3 years

⇒ A = 14000(1 + 0.015 · 3)

⇒ A = 14000(1.045)

⇒ A = £14,630

Other Questions