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Amir puts £1390 into an bank account.

The account pays 2.25% compound interest each year.
Work out how much Amir will have in the account after 23 years.

User Paul Batum
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1 Answer

3 votes

Answer: look below love :))

Step-by-step explanation: To find out how much Amir will have in the account after 23 years, we can use the formula for compound interest:

A = P(1 + r/n)^(nt)

where:

A is the final amount

P is the initial principal (the amount Amir deposited)

r is the annual interest rate (2.25%)

n is the number of times the interest is compounded per year (let's assume it is compounded annually)

t is the number of years

So, we can plug in the given values:

A = 1390(1 + 0.0225)^(1*23)

A = 1390(1.0225)^(23)

A = 1390 * 2.6388955

A = 3655.922

So Amir will have £3655.922 in the account after 23 years with 2.25% compound interest.

User Enzoyang
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