A sum of #3000 is put in a bank for 2years. If the bank pays 6 1/4% interest per annum, what is the amount after 2 years?
1 answer:
Based on the data provided, the amount after 2 years is #3386.7
<h3>What is the amount if the bank pays 6 1/4% interest per annum, what is the amount after 2 years?</h3>
Where:
P is principal
r = rate
n is the number of years
From the data provided:
P = 3000
n = 2
r = 6 1/4% = 0.0625
Amount = 3000 * (1 + 0.0625)²
Amount = #3386.7
Therefore, the amount after 2 years is #3386.7
Learn more about interest and amount at: brainly.com/question/25545513
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