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