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Colin invests £1100 into his bank account. He receives 5% per year simple interest. How much will Colin have after 6 years? Give your answer to the nearest penny where appropriate.

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devishri1977

Answer:

Step-by-step explanation:

P = £1100

r = 5%

t = 6 years

I =P*r*t

[tex]I =1100*\frac{5}{100}*6\\\\I=11*5*6\\\\I = 330[/tex]

Amount = P + I = 1100 + 330 = £1430

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