Question

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

Answer 1

£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