Question

Mr Prothero places £3003 into a

savings account and gains 9%
interest per annum. How much
money is in the account after 2
year?

Answer 1

£3,543.54

Explanation:

Amount after 2 years = Principal + interest

Get the interest

Interest = PRT/100

Interest = 3003 * 9 * 2/100

Interest = 3003 * 18/100

Interest = 30.03 * 18

Interest = 540.54

Amount after 2 years = 3003 + 540.54

Amount after 2 years = £3,543.54