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Dan invests £18790 into his bank account. He receives 5.9% per year simple interest. How
much will Dan have after 2 years? Give your answer to the nearest penny where appropriate.

Respuesta :

jessmzhou4

Answer: £21007.22

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 = £21007.22

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