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Popular Word Problems >

Amir puts £3800 into an bank account.The account pays 2.75% simple interest each year.Work out how much interest Amir will get after 18 years.

Solution

A mi r p u t s £3800 in t o an bank a cco u n t . T h e a cco u n t p a ys 2.75% s im pl e in t eres t e a c h ye a r . W or k o u t h o w m u c h in t eres t A mi r w i ll g e t a f t er 18 ye a rs .

Solution

Amount : 5681

Solution steps

Translate the problem into an equation:

A = 3800 (1 + 0.0275 \cdot 18)

3800 (1 + 0.0275 \cdot 18) = 5681

Amount : 5681

Popular Examples

The sum of three consecutive even integers is 120. Find the integers.Nishi invests £4600 at 6% interest per year. Work out how much she will have altogether after 5 years The sum of three times a number and 8 is 29.The sum of two number is 65. One number is 4x as the other. what are the two numbers Nick has 3, 572 in an account that earns 1% interest compounded annually.To the nearest cent, how much interest will he earn in 4 years?