If £2000 is placed into a bank account that pays 3% compound interest per year, how much will be in the bank account after 2 yea

Question

Flauer [41]

4 years ago

15

If £2000 is placed into a bank account that pays 3% compound interest per year, how much will be in the bank account after 2 yea

rs?

Mathematics

1 answer:

max2010maxim [7] · Answer 1 · 2021-12-16T10:56:40+03:00

max2010maxim [7]4 years ago

4 0

Year 1: 2,000 x 3% = 60 2,000 + 60 = 2,060 Year 2: 2,060 x 3% = 61.8 2,060 + 61.8 = 2,121.8 So, the answer is there will be £2,121 in the bank account after 2 years.