Colin invests £1200 into his bank account. he receives 10% per year simple interest. how much will colin have after 3 years? give your answer to the nearest penny where appropriate.

He will earn £360, for a total in his account of £1560.

The formula for simple interest is

I = prt, where I is the amount of interest, p is the principal invested or borrowed, r is the rate as a decimal number, and t is the amount of time.  Using our information we have:

I = 1200(0.1)(3) = 360

This is the amount of interest.  We add this to his original 1200 to get the total amount:
1200 + 360 = 1560.

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step-by-step explanation:

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