Answer:
Amount in account after one year = £241.5
Step-by-step explanation:
Given:
Amount deposit into bank = £230
Rate of yearly interest = 5% Simple interest per year
Number of year = 1 year
Find:
Amount in account after one year
Computation:
Simple interest = Amount deposit x Rate of yearly interest x Number of year
Simple interest = 230 x 5% x 1
Simple interest = 230 x 0.05
Simple interest = £11.5
Amount in account after one year = Amount deposit into bank + Simple interest
Amount in account after one year = 230 + 11.5
Amount in account after one year = £241.5
