Question

Leigh-Anne invests £2500 for 4 years in a savings account.

She gets 3% per annum compound interest.
How much money does Leigh-Anne have at the end of 4 years.​

Answer 1

After 4 years, Leigh-Anne will have £ 2,813.77 in her account.

Explanation:

Given that Leigh-Anne invests £ 2500 for 4 years in a savings account, and she gets 3% per annum compound interest, to determine how much money does Leigh-Anne have at the end of 4 years, the following calculation must be performed:

X = 2,500 x (1 + 0.03 / 1) ^ 4

X = (2,500 x 1,003) ^ 4

X = 2,813.77

Thus, after 4 years, Leigh-Anne will have £ 2,813.77 in her account.