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Toby invested £4500 for 2 years in a saving accounts . he was paid 4% per annum compound interest . How much did Toby have in his saving account after 2 years ?

Toby invested £4500 for 2 years in a saving accounts . he was paid 4% per annum compound interest . How much did Toby have in his saving account after 2 years ?
asked 123k views
2 votes
Toby invested £4500 for 2 years in a saving accounts . he was paid 4% per annum compound interest .

How much did Toby have in his saving account after 2 years ?

asked
User Gfullam
by
8.1k points

1 Answer

4 votes

Answer:

Explanation:

(1 + interest rate)t

(1 + 0.04)² = (1.04)²

= 1.0816

answered
User Alexander Pankin
by
8.4k points
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