Question

Compound interest £2000 for 3 years 5.5% annum

Answer 1

$\bf \qquad \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to &\£2000\\ r=rate\to 5.5\%\to \frac{5.5}{100}\to &0.055\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{per annum, thus once} \end{array}\to &1\\ t=years\to &3 \end{cases} \\\\\\ A=2000\left(1+\frac{0.055}{1}\right)^{1\cdot 3}$