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
1 answer:
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.
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