○=> Correct answer :
Money in Alex's account after 16 years =

○=> Steps to derive correct answer :
Money invested by Alex = £3045
Percentage of compound interest per annum = 2.25%
We know that :

In this case :
Principal = £3045
Rate = 2.25% = 0.0025
Number of times interest is compounded per year = 1
Time = 16 years
Which means :
Money Alex will have in the account after 16 years :


Therefore, the money in Alex's account after 16 years = £4347.11