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?

asked Feb 16, 2022 232k views

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?

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4 votes

100% + 3% = 103%
103% ÷ 100% = 1.03%
2000 x 1.03% squared = 2121.8

Godidier answered Feb 22, 2022

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