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Bhargavi's profile picture

Bhargavi D

Enthusiastic tutor studying Medicine at St Andrews

195Students helped
1Questions answered
£21Per hour
Maths

Asked by Kayleigh · 3 months ago

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?

Hi Kayleigh, You would need to use the compound interest formula here, which is Final amount = initial amount x interest rate^years. -- The initial and final amounts are both in pounds -- The interest rate is a percentage change displayed as a decimal (ie. a multiplier). For instance, if there was a 7% increase, it would be x1.07 because the next amount is the original amount (the '1') plus th... more

Bhargavi's profile picture

Bhargavi D

Enthusiastic tutor studying Medicine at St Andrews

195Students helped
1Questions answered
£21Per hour