Question

Dan invests £1500 into his bank account.
He receives 2.5% per year simple interest.
How much will Dan have after 4 years?
Give your answer to the nearest penny where appropriate.

Answer 1

Answer:

1500+500=15500

Step-by-step explanation:

PRT/100

=1500×2.5×4/100

=150

15000+500=£15500

15500×100=1,550,000penny

Answer 2

Answer: 1655.72

Step-by-step explanation:

1500( 1 + 0.025)^4 = 1655.72