Sarah invests £2000 for 2 years in a saving account. She earns 3% per annum in compound interest.

How much did Sarah have in her saving account after 2 years?

£

Use the formula:

A=P(1+r100)n

Where;

A = the amount of money accumulated after n years, including interest

P = the principal sum (the initial amount borrowed or invested)

r = the rate of interest (percentage)

n = the number of years the amount is borrowed or invested

Respuesta :

Answer:

£2120.27

Step-by-step explanation:

A = P (1 + r100)

A = 2000 (1+ 0.03/365)^365(2)

A = 2000 ( 1.00008)^730

A = 2000 (1.060)

A = £2120.27