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

1 answer:

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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