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Asked by Dayan

If £2000 is placed into a bank account that pays 3% compound interest per year, how much will be in the account after 5 years?

Welcome to the Aslam Way - making maths simple Original value = £2000 = 100% Interest is 3%, so new percentage value is 100% + 3% = 103% Change to decimal 103/100 = 1.03 (this is your multiplier) For 5 years 1.03^5 So £2000 x 1.03^5 = £2,318.5481486 Money is rounded to 2dp Final answer= £2318.55

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Rizzy Aslam
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There is a formula we can put the number in: Initial amount (1 interest rate/100)^number of days/years/etc 2000 (1+ 3/100)^5 2000 (1+ 0.03)^5 = 2318.548 Now round the number off: Your answer is £2318.55

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Khadijah Naeem
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