Question

if £2000 is placed into a bank account that pays 3% compound interest per year how much will be in the account after 2 years

Answer 1

Answer:okExplanation:

Answer 2

Principal Balance: 2000

Compound Interest: 3%

Type: Yearly

2000 x 1.03 = 2060

Year 1 : £2060

2060 x 1.03 = 2121.8

Year 2: £2121.8

There will be £2,121.80 in the account after 2 years.