Question

Measure Progress Check Question 10
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A woman puts £3,500 into a bank account. The interest rate is 5% per year.
How much will be in the account after 1 year?

Answer 1

A woman puts £3,500 into a bank account. The interest rate is 5% per year. The account after 1 year would be £3675.

How to calculate simple interest amount?

If the initial amount (also called as principal amount) is P, and the interest rate is R% annually, and it is left for T years for that simple interest, then the interest amount earned is given by:

$I = \dfrac{P \times R \times T}{100}$

A woman puts £3,500 into a bank account. The interest rate is 5% per year.

$I = \dfrac{P \times R \times T}{100}\\\\\\I = \dfrac{3500 \times 5 \times 1}{100}\\\\\\I = \dfrac{20500}{100}\\\\\\I = 175$

Thus, the Amount will be = 3500 + 175

                                          = 3675

Learn more about simple interest here:

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