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Mnenie
11 days ago
14

sarah invests £9600 at a simple interest rate of 8% per year. Work out the value of the investment after 3 years

Mathematics
1 answer:
AnnZ [12.3K]11 days ago
6 0

Response:

The investment's value after 3 years will be  £11,904

Step-by-step explanation:

sarah invests £9600 with an 8% simple interest rate per annum

Duration is 3 years

Formula for simple interest

I = P*n* r

P is the initial investment= 9600

r signifies interest rate = 8% = 0.08

n = duration in years = 3

Now, we can calculate the interest using the formula

I = 9600 * 0.08 * 3= 2304

The interest accrued totals 2,304

Now, we combine the interest with the initial investment to find the investment's total value after 3 years

9600 + 2304= 11904

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