Answer:
£460
Step-by-step explanation:
First, converting R percent to r a decimal
r = R/100 = 5%/100 = 0.05 per year,
then, solving our equation
I = 2300 × 0.05 × 4 = 460
I = £ 460.00
The simple interest accumulated
on a principal of £ 2,300.00
at a rate of 5% per year
for 4 years is £ 460.00.
