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Brian opens a new savings account, with an annual interest rate of 3. 5%. If his initial deposit is gbp 3000, write an expression for his savings, s, after t years.

Sagot :

The expression for savings after t years, based on the principle amount and annual interest rate is 3000 + 105t.

The formula to be used for computation of savings is -

Interest = (Principal × Rate of interest × Time)/100

Keep the values in formula -

Interest = (3000 × 3.5 × t)/100

Performing division and multiplication

Interest = 10,500t/100

Performing division on Right Hand Side of the equation to find the interest

Interest = 105t

Now, savings will be sum of amount and the interest earned

Savings = 3000 + 105t

Thus, the savings will be 3000 + 105t.

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