Question

If £2000 is placed into a bank account that pays 3% compound interest per year,

Answer 1

Answer:

Step-by-step explanation:

A=P(1 - r/n)^nt

A = 5,000 (1 - 0.03/1)^(1)12)

A = 5,000 (1 - 0.03)^2

A = 5,000 (0.9)^2

A = $5,314.06

Answer 2

Answer:

There would be 2,120 dollars in that account