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

Sagot :

Answer:£2121.8

Step-by-step explanation:

Given

Principal money [tex]P=[/tex]£2000

rate of interest is  [tex]R=3\%[/tex]

time period [tex]T=2\ yr[/tex]

The amount by compound interest is given by

[tex]A=P[1+\frac{R}{100}]^T[/tex]

Putting values

[tex]\Rightarrow A=2000[1+0.03]^2\\\Rightarrow A=2121.8[/tex]

So, after two years it will be £2121.8

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