Ash invests £200 and gets 3% interest per year. How much will she have after 5 years?

Retozi asked Dec 22, 2022

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3 votes

Ash invests £200 and gets 3% interest per year.
How much will she have after 5 years?

Retozi asked Dec 22, 2022

2.4k points

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30 votes

Answer:

£231.85

Explanation:

→ Work out the decimal multiplier

( 3 + 100 ) ÷ 100 = 1.03

→ Multiply the initial investment by the multiplier raised to the power of years

200 × ( 1.03 )⁵ = £231.85

Abby answered Dec 27, 2022

by Abby

3.1k points

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