Question

Samir invests £350 in a savings account.
He gets 2% per annum compound
interest.
How much money will Samir have in the
account at the end of 3 Years?

Answer 1

• P=£350
• R=2%
• T=3

$\\ \sf\dashrightarrow I=\dfrac{PRT}{100}$

$\\ \sf\dashrightarrow I=\dfrac{350(2)(3)}{100}$

$\\ \sf\dashrightarrow I=\dfrac{2100}{100}$

$\\ \sf\dashrightarrow I=21$

• A=21+350=£371