Question

liam invests £6200 for 3 years in a savings account. he gets 2.5% per annum compound interest. how much money will liam have in his savings account after 3 years?

Answer 1

`after\ first\ year:\\ 6200+2,5\%*6200=6200+0,025*6200=6200+155=6355\$\\\\ after\ second\ year:\\6355+2,5\%*6355=6355+0,025*6355=6355+158,875=\\6513,875\$\\\\ after\ third\ year:\\ 6513,875+2,5\%*6513,875=6513,875+0,025*6513,875=\\6513,875+162,846875=6676,721875\$\\\\ After\ 3\ years\ he\ will\ have\ 6676,721875\$.`