Question

Please help

pleaze plz​

Answer 1

Given:

Deposit (P) = £2000

Rate of interest (r) = 3%

Time (t)= 2 years

Number of time interest calculated per year (n) = 1

To find:

Amount in the account after 2 years

Solution:

Compound interest formula:

`$A=P\left(1+(r)/(n)\right)^(n t)`

Substitute the given values.

`$A=2000\left(1+(3\%)/(1)\right)^(1* 2)`

To convert percentage into fraction divide by 100.

`$A=2000\left(1+((3)/(100) )/(1)\right)^(1* 2)`

`$A=2000\left(1+(0.03 )/(1)\right)^( 2)`

`$A=2000\left(1+0.03\right)^( 2)`

`$A=2000\left(1.03 }\right)^( 2)`

`$A=2121.8`

Therefore, £2121.8 will be in the account after 2 years.