Question

Ikram invests 7000 in saving account paying interest of 2% in the end of the first year the interest is x% at the end of that year his investment of 7273 in the second the rate is x%/3 what is his investment after 2 years

Answer 1

The answer is £7367.55

Explanation:

To find the interest , do £7273 - £7000, which is £273. Then, divide the interest by overall amount invested, so 273/7000. This gets you the multiplier 0.039 (x). Afterwards, you need to find the multiplier for the 2nd year, which says it is x/3%. Then, do 0.039/3 = 0.013. This is the multiplier for the 2nd year. Then all you have to do afterwards is £7273 x 1.013 (substituting the multiplier so that you can find the value) to get £7367.55