SOLUTION: Brian invests £1800 into his bank account. He receives 5% per year simple interest. How much will Brian have after 3 years? Give your answer to the nearest penny where appro

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Question 1137510: Brian invests £1800 into his bank account.
He receives 5% per year simple interest.
How much will Brian have after 3 years?
Give your answer to the nearest penny where appropriate.
Found 2 solutions by MathLover1, MathTherapy:
Answer by MathLover1(20849)   (Show Source): You can put this solution on YOUR website!

Brian invests £ into his bank account.
He receives % per year simple interest.
How much will Brian have after years?
£
he will get amount

£ where interest
using the formula , where I is interest, is total principal, % or is rate of interest per year, and is total time in years, we will have
£
£
£
£-> Brian will have after years

Answer by MathTherapy(10549)   (Show Source): You can put this solution on YOUR website!

Brian invests £1800 into his bank account.
He receives 5% per year simple interest.
How much will Brian have after 3 years?
Give your answer to the nearest penny where appropriate.
DEPENDS!! 

If the interest is withdrawn after each year, then it's simple interest on the amount for 3 years.

If it's left in the account for 3 years - which I assume it will be - then the amount will be compounded ANNUALLY. That's FUTURE VALUE with COMPOUNDING periods. 

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