Brian invests £1500 into his bank account. He receives 2% per year simple interest. How much

will Brian have after 3 years? Give your answer to the nearest penny where appropriate.

Step-by-step explanation:

Simple interest is given as

S. I = PRT/100

Where

S. I is simple interest

R is rate in %

P is the principal

And T is time in years

So, given that

Principal (P) = £1500

Rate (R) = 2%

Time (T) = 3years

Then, we are asked to find amount after 3years

S. I=PRT/100

S. I=1500*2*3/100

S. I = £90

This is the interest Brian will receive

So, the money will amount to

Amount=Principal + interest

Amount = 1500+90

Amount = £1590.

So Brian will have £1590 after 3years