Question

Sebastian leaves £3000 in the bank for two years.

It earns compound interest of 2% per year.

!Calculate the total amount Sebastian has in the bank at the end of the two

! years.

Answer 1

Answer:

Hi... dude

I don't know the answer but I will try..

Answer 2

Answer:

£3121.2

Step-by-step explanation:

Compound Interest formula --> Amount = Principal x (1+Interest)^n

Principal: original amount (3000)

Interest: Percentage as decimal (2% - 0.02)

n: Time period (2 years)

- Substitute the values

3000 x (1+0.02)^2

-BODMAS-

1. 1+0.02 = 1.02

2. 1.02^2 = 1.0404

3. 1.0404x3000

= £3121.2