Question

if £2000 is placed into a bank account at a compund intrest per year of 3%, how much money will there by after 2 years

Answer 1

£2120

Explanation:

First, you need to find 3% of £2000

£2000 ÷ 100 = 20

20 x 3 = £60

Since you gain £60 per year, you gain £120 for two years

£2000 + £120 =

£2120