£2300 is invested for 4 years at 5% per year simple interest. Work out the total interest

Question

£2300 is invested for 4 years at 5% per year simple interest. Work out the total interest

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Rose 3 months 2021-10-19T20:37:54+00:00 2 Answers 0 views 0

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    0
    2021-10-19T20:39:25+00:00

    Answer:

    £460

    Step-by-step explanation:

    Simple interest =PRT/100

    Where P = principal

    R= rate

    T = Time

    Given

    P= £2300

    T= 4yrs

    R = 5%

    Interest = 2300 x 5 x 4/100

    Multiply through

    Interest = 46000/100

    Interest = £460

    0
    2021-10-19T20:39:25+00:00

    Answer: £460

    Step-by-step explanation:

    Use this formula to find the total interest I=\frac{P*R*T}{100}

    I stands for interest, P is principal, R is rate, and T is time.

    Principle = £2300

    Rate = 5%

    Time = 4 years

    \frac{2,300*5*4}{100} =\frac{46,000}{100} =460

    Hope this helps, now you know the answer and how to do it. HAVE A BLESSED AND WONDERFUL DAY! 🙂  

    – Cutiepatutie ☺❀❤

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