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Popular Word Problems >

Alfred invests £185 into an account that pays 1.25% simple interest per annum.Work out how much interest Alfred will get after 22 years.

Solution

A l f re d in v es t s £185 in t o an a cco u n t t ha t p a ys 1.25% s im pl e in t eres t p er ann u m . W or k o u t h o w m u c h in t eres t A l f re d w i ll g e t a f t er 22 ye a rs .

Solution

Amount : 235.875

Solution steps

Translate the problem into an equation:

A = 185 (1 + 0.0125 \cdot 22)

185 (1 + 0.0125 \cdot 22) = 235.875

Amount : 235.875

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