Formula for compound interest: A = P( 1 + r/n)^nt
A = final amount
P = initial principal balance
r = interest rate
n = number of times interest applied per time period
t = number of time periods elapsed
^ = I used this symbol to present that a the number needs to go higher (see picture)
1. 500(1 + 2/100)^2 = 520.2
£520.20
2. 400(1 + 1.75/100)^2 = 414.12
£414.12
