Question

Simon invested an amount of money in a savings account at 0.5% per annum compound interest. At the end of 3 years, the amount of money in the savings account was £12180.90 Work out how much money Simon invested in the savings account.

Answer 1

£12000

Step-by-step:

x*1.005³=12180.9

12180.9/1.005³ = 11999.998

=£12000