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# F £2000 is placed into a bank account that pays 3% compound per year, how much will be in the account after 2 years?

Amount after n years = P{(1+i/100)^n} Where P is the principle amount i is the annual interest rate n is the number of compounding periods in years Thus, Amount after 2 years = 2000{(1+3/100)^2}= £2121.8  ·

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