Question

Maths Watch

My Work
Videos
My Progress
8R1 Half Term Maths Work
Overview
1
2
3
4
5
6
7
8
9
10
11
12
13
Question Progress
Homework Progress
If £2000 is placed into a bank account that pays 3% compound interest per year,
how much will be in the account after 2 years?

Answer 1

£2121.80 he would have earned £121.80

Explanation:

2000 × 1.03 = £2060

2060 × 1.03 = £2121.80

(2 Year's)

£2121.80 - £2000 = £121.80