If £2000 is placed into a bank account that pays 3% compound interest per year, how much will be in the account after 2 years?
1 answer:
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Answer:
$78.72
Step-by-step explanation:
To find 30% of the original value, we need to turn this percentage into a decimal or a fraction and then multiply it by the original value
- 30% is equivalent to 0.30,
, and
- So we can use either of these values. I will use 0.30 for simplicity
- ($262.40)(0.30) = $78.72 is the amount saved
