If £2000 is placed into a bank account that pays 3% compound interest per year, how much will be in the account after 2 years?<

Question

If £2000 is placed into a bank account that pays 3% compound interest per year,
how much will be in the account after 2 years?

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Trung Dũng 4 years 2021-08-31T08:24:27+00:00 1 Answers 8 views 0

Answers ( )

  1. Nick
    0
    2021-08-31T08:26:19+00:00
    Reply

    100% + 3% = 103%
    103% ÷ 100% = 1.03%
    2000 x 1.03% squared = 2121.8

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