1 answer:
Answer:
£2,121.8
Step-by-step explanation:
Given the following;
Principal P = £2000
Rate r = 3%
Time t = 2 years
n = 1 (time of compounding)
Using the compound interest formula;
A = P(1+r)^t
A = 2000(1+0.03)^2
A = 2000(1.03)^2
A = 2000(1.0609)
A = 2,121.8
hence the amount that will be in his account after 2 years is £2,121.8
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