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09-06-2020
Mathematics

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£2200 is deposited in a bank paying 0.5% simple interest per annum. How much interest will have been paid after 18 years?

Respuesta :

09-06-2020

Answer:

The answer would be £198

principal (p) = 2200

Rate (R) = 0.5%

Time (T) = 18

Interest(I) = ?

Now,

or, Interest. = P×T×R/100

or, Interest = 2200×18×0.5/100

or, Interest = 19800/100

Hence, Interest = 198

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