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Jack invests £3000 for 2 years at 4% per annum compound interest. Work out the value of the investment at the end of 2 years.
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13 votes
Jack invests £3000 for 2 years at 4% per annum compound interest.

Work out the value of the investment at the end of 2 years.

User Manoj Monga
by
5.7k points

2 Answers

7 votes
3000: 10% = 300 and x it by 2 for the 2 years so it’s 600
User Korpel
by
7.3k points
7 votes

Answer:

£3244.80

Explanation:

£3000 + 4% = £3120

£3120 + 4% = £3244.80

User Sriwantha Attanayake
by
6.5k points
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