Sarah invests £2000 for 2 years in a saving account. She earns 3% per annum in compound interest. How much did Sarah have in her

Question

Sarah invests £2000 for 2 years in a saving account. She earns 3% per annum in compound interest.

How much did Sarah have in her saving account after 2 years?

£

Use the formula:

A=P(1+r100)n

Where;

A = the amount of money accumulated after n years, including interest

P = the principal sum (the initial amount borrowed or invested)

r = the rate of interest (percentage)

n = the number of years the amount is borrowed or invested

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Đan Thu 1 year 2021-08-09T00:22:38+00:00 1 Answers 1015 views 0

Answers ( )

    1
    2021-08-09T00:24:08+00:00

    Answer:

    £2120.27

    Step-by-step explanation:

    A = P (1 + r100)

    A = 2000 (1+ 0.03/365)^365(2)

    A = 2000 ( 1.00008)^730

    A = 2000 (1.060)

    A = £2120.27

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