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Amir puts £3800 into an bank account.The account pays 2.75% simple interest each year.Work out how much interest Amir will get after 18 years.

Solution

Amir puts £3800 into an bank account.The account pays 2.75% simple interest each year.Work out how much interest Amir will get after 18 years.

Solution

Amount : 5681

Solution steps

Translate the problem into an equation:

A = 3800 (1 + 0.0275 \cdot 18)

3800 (1 + 0.0275 \cdot 18) = 5681

Amount : 5681

Popular Examples

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