Question

Mary invests £12000 in a savings account the account pays 1.5% compound interest per year
Work out the value of her investment after 2 years

Answer 1

Answer:

Formula for compound interest:

original x multiplier^years

1.5% increase as a multiplier is 1.015 [you do 1 + (% x 100) as it’s % increase]

12000 x 1.015^2 = £12362.70

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Step-by-step explanation:

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Answer 2

Answer:

12362 is the ans hraulfkysgmcjl