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Sagot :
Original value = £2000 = 100%
Interest is 3%, so new percentage value is 100% + 3% = 103%
Change to decimal 103/100 = 1.03 (this is your multiplier)
For 2 years 1.03^2 So £2000 x 1.03^2 = £2121,8
Final answer= £2121,7
Interest is 3%, so new percentage value is 100% + 3% = 103%
Change to decimal 103/100 = 1.03 (this is your multiplier)
For 2 years 1.03^2 So £2000 x 1.03^2 = £2121,8
Final answer= £2121,7
Answer:
£ 2121.8
Step-by-step explanation:
The formula to find the compound interest is :
[tex]A=P(1+\frac{R}{100} )^n[/tex]
Here,
A = Amount ⇒ ?
P ⇒ Principal ⇒ £2000
R ⇒ Interest rate ⇒ 3%
n ⇒ Time ⇒ 2 years
Let us find now.
[tex]A=P(1+\frac{R}{100} )^n[/tex]
[tex]A=2000(1+\frac{3}{100} )^2[/tex]
[tex]A=2000(1+0.03 )^2[/tex]
[tex]A=2000(1.03 )^2[/tex]
[tex]A=2000*1.0609[/tex]
[tex]A=2121.8[/tex]
Therefore, there will be £ 2121.8 in the bank account after 2 years.
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