Question

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

Answer 1

£3880 is the answer after two years the amount will be 4000£ because 2000 x 2 =4000 and if it pays compound interest you would have to take 120 out of 4000 because 3% of 2000 is 60 so 60x2=120 4000-120=3880