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Brain Challenge
Lizzie was gifted some money by a relative for her 18th birthday.
She invested the money in a savings account that pays 4% simple interest per year.
After 5 years the total interest that Lizzie’s investment had earned was £360.
Find the total value of Lizzie’s investment after 5 years.
Answer:
First divide 360 by the percentage multiplier of 0.04 to get £9000
Then divide that by 5 as it has been 5 years to get £1800
Therefore, the total value of the investment is 1800 + 360 = £2160