angelsaintwings angelsaintwings

10-06-2021
Mathematics

contestada

£100 is deposited in a bank paying 2.25% simple interest per annum. How much interest will have been paid after 5 years

Respuesta :

adioabiola adioabiola

15-06-2021

Answer:

£11.25

Step-by-step explanation:

I = P * R * T

Where,

I = simple interest

P = principal = £100

R = interest rate = 2.25%

T = Time = 5 years

I = P * R * T

= 100 * 2.25% * 5

= 100 * 2.25/100 * 5

= (100 * 2.25 * 5) / 100

= 1,125/100

= 11.25

I = £11.25

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