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Answer:
£2,121.80
Step-by-step explanation:
To solve this problem, we can use the compound interest formula:
<em>P = initial balance</em>
<em>r = interest rate (decimal)</em>
<em>n = number of times compounded annually</em>
<em>t = time</em>
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First, change 3% into a decimal:
3% -> -> 0.03
Now, plug in the values:
Your answer is £2,121.80