Question

Dan invests £1200 into his bank account.

He receives 5% per year compound interest.
How much will Dan have after 5 years?
Give your answer to the nearest penny where appropriate

Answer 1

300 euros

Explanation:

1200 x 5 x 5=30000/100=300

Answer 2

£1531.53

Explanation:

Times 1200 by 1.05 then times the new answer by 1.05 until done 5 times