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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?

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?
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24 votes
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?

User Niftygrifty
by
8.6k points

1 Answer

4 votes
100% + 3% = 103%
103% ÷ 100% = 1.03%
2000 x 1.03% squared = 2121.8
User Godidier
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7.8k points
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