What would be please help me out
1 answer:
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<h2>○=> <u>Correct answer</u> :</h2>
Money in Alex's account after 16 years =
Money invested by Alex = £3045
Percentage of compound interest per annum = 2.25%
We know that :
In this case :
Principal = £3045
Rate = 2.25% = 0.0025
Number of times interest is compounded per year = 1
Time = 16 years
Which means :
Money Alex will have in the account after 16 years :
Therefore, the money in Alex's account after 16 years = £4347.11