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Paul leaves £4000 in the bank for two years. It earns compound interest of 5% per year. Calculate the total amount Paul's has in the bank at the end of the two year. Pls give me working out and explanation
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Paul leaves £4000 in the bank for two years. It earns compound interest of 5% per year. Calculate the total amount Paul's has in the bank at the end of the two year.

Pls give me working out and explanation !!!!

User SuMi
by
7.8k points

1 Answer

4 votes

Answer:

£4400

Explanation:

5% of 4000 is 200

200*2=400

4000+400=4400

£4400

User Aytekin
by
8.4k points
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