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

plz explain me this question again? Plzzz.......

Answer 2

The amount will be Rs.2121.8 in account after 2 years

Step-by-step explanation:

Principal = £2000

Rate of interest = 3%

Time = 2 years

Amount = $P(1+r)^t$

Amount = $2000(1+0.03)^2$

Amount =2121.8

Hence  the amount will be Rs.2121.8 in account after 2 years

#Learn more:

If you deposit rs 4000 into an account paying 6% annual interest compounded quarterly how much money will be in the account after 2 years??