if £2000 is placed into a bank account the pays 3percent compound interest per year, how much will be in the account after 2 yea

Question

kozerog [31]

3 years ago

8

if £2000 is placed into a bank account the pays 3percent compound interest per year, how much will be in the account after 2 yea

rs

Mathematics

1 answer:

Nastasia [14] · Answer 1 · 2022-04-14T06:53:02+03:00

Answer:

£2,120.00

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 3%/100 = 0.03 per year.

Solving our equation:

A = 2000(1 + (0.03 × 2)) = 2120

A = $2,120.00

The total amount accrued, principal plus interest, from simple interest on a principal of £2,000.00 at a rate of 3% per year for 2 years is £2,120.00.