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) About Me  (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?
£P=1800+
he will get amount
A=P+%2BI
£1800+%2BI where I interest
using the formula I=P%2Ar%2At, where I is interest, P=1800 is total principal, r=5% or 0.05 is rate of interest per year, and t=3 is total time in years, we will have
£1800+%2BP%2Ar%2At
£1800+%2B1800%2A0.05%2A3
£1800+%2B270
£2070-> Brian will have after 3 years

Answer by MathTherapy(10549) About Me  (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If the interest is withdrawn after each year, then it's simple interest on the amount for 3 years.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.