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25 November, 23:24

Brian invests £1500 into his bank account. He receives 2% per year simple interest. How much

will Brian have after 3 years? Give your answer to the nearest penny where appropriate.

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  1. 26 November, 00:33
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    Step-by-step explanation:

    Simple interest is given as

    S. I = PRT/100

    Where

    S. I is simple interest

    R is rate in %

    P is the principal

    And T is time in years

    So, given that

    Principal (P) = £1500

    Rate (R) = 2%

    Time (T) = 3years

    Then, we are asked to find amount after 3years

    S. I=PRT/100

    S. I=1500*2*3/100

    S. I = £90

    This is the interest Brian will receive

    So, the money will amount to

    Amount=Principal + interest

    Amount = 1500+90

    Amount = £1590.

    So Brian will have £1590 after 3years
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