Question

Holly invested £3000 in a savings account the account paid compound interest of 4% per year work out how much was in the account after one year

Answer 1

Exponential function
form of interest rates

P(1 + r)^x
where p is the prime and r is rate of change and x is time in years

3000(1 + 4%)^1
The answer would be
3000(1.04)^1 = 3120 Euros