Question

I invest £3000 into a savings account with an interest rate of 7%. After 14 years, how much will I have in the bank if I do not touch my savings over the 14 years?

Answer 1

3675.129

Explanation:

If your solving for Compound Interest the question you would use is A= p (1 + r) cubed.

Which is A = 3,000 (1 + 0.0.7) cubed.

So the answer would be 3675.129$