Question

Lavin invests £950 into her

Answer 1

Answer:

£1,049

Step-by-step explanation:

The computation of the amount after 5 years is shown below:

Here we have to determined the future value

As we know that

Future value = Present value × (1 + rate of interest)^number of years

=  £950 × (1 + 0.02)^5

=  £950 × 1.02^5

=  £950 × 1.1040808032

= £1,049