Mario invests £2000 for 3 years at 5% per annum compound interest. Calculate the value of the investment at the end of 3 years.
1 answer:
Answer:
$2315.25
Step-by-step explanation:
Given data
Principal= £2000
Time= 3 years
Rate= 5%
The compound interest expression is
A= P(1+r)^t
substitute
A= 2000(1+0.05)^3
A= 2000(1.05)^3
A= 2000*1.157625
A= 2315.25
Hence the Amount is $2315.25
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