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Strike441 [17]
3 years ago
8

Work out the balance for £3000 invested for 3 years at 5% per annum

Mathematics
1 answer:
Paha777 [63]3 years ago
6 0
It depends in the type on interest

Simple Interest
PxRxT
£3000 x 0.05 x 3 = £450
£3000 + £450 = £3450

Compound Interest
Px(1+R)^T
£3000 x (1 + 0.05)³ = £3472.875 = £3472.88
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