Rob saves £500 in his bank account. The bank pays 4% simple interest per year. a) How much interest will he have ear

Rob saves £500 in his bank account.
The bank pays 4% simple interest
per year.
a) How much interest will he have
earned after five years?
b) How much money will he have in
the bank after five years?

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  1. Answer:

    step 1: =4% of £500

    =20

    =20 × 5 years

    = 100

    = £500 + £100

    =£600 ….therefore Rob will have £600 in his bank account after years.

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