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Mary invests £1200 in a savings account. The account pays 1.5% compound interest per year. Work out the value of her investment after 2 years.

Mary invests £1200 in a savings account. The account pays 1.5% compound interest per year. Work out the value of her investment after 2 years.
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18 votes
Mary invests £1200 in a savings account. The account pays 1.5% compound interest per year. Work out the value of her investment after 2 years.

asked
User Joelt
by
8.2k points

1 Answer

12 votes

Answer:

CI=P[(1+r/100)^n-1]

=1200[(1+1.5/100)^2-1]

=1200*0.030225

=36.27

answered
User Muayyad Alsadi
by
8.8k points
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