Answered

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Lavin invests £950 into her

building society. She receives 2% per

year simple interest. How much will

Lavin have in total after 5 years?

Your answer

Sagot :

Answer:

£1,049

Step-by-step explanation:

The computation of the amount after 5 years is shown below:

Here we have to determined the future value

As we know that

Future value = Present value × (1 + rate of interest)^number of years

=  £950 × (1 + 0.02)^5

=  £950 × 1.02^5

=  £950 × 1.1040808032

= £1,049

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