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## 6 An account pays 4% compound interest per year. Eric invests £1500 into the account for 2 years. How much interest will h

Question

6 An account pays

4% compound interest per year.

Eric invests £1500 into the account for 2 years.

How much interest will he earn?

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2021-08-22T05:45:37+00:00
2021-08-22T05:45:37+00:00 1 Answers
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## Answers ( )

Answer:£122.4Step-by-step explanation:Given

The rate of interest is 4%

The principal invested is £1500

the time period is 2 years

Compound interest is given by

put values

Therefore, interest earned is £122.4