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Mr Ellis invests £800 into an account that pays 3.4% compound interest per year how much will be in the account after two years

Sagot :

The amount after 2 years will be 855.3248

What is Interest?

Interest, in its most simple form, is calculated as a percent of the principal.

Given:

P= £800 , r= 3.4%, t= 2 year

For, compounded annually

=800*(0.034+1)²

=800* 1.034*1.034

=800* 1.069156

=855.3248

Learn more about this concept here:

https://brainly.com/question/8030962

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