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Morgarella [4.7K]
2 years ago
10

Mary invests £12000 in a savings account the account pays 1.5% compound interest per year work out the value of her investment a

fter 2 years
Mathematics
1 answer:
Ugo [173]2 years ago
3 0
The formula for this is
A = P(1 + r/100)^n    where P =  initial investment, r = compound interest as  per cent, and n = number of years.

so here we have

A = 12000(1 + 1.5/100) ^ 2  =  12000 * 1.015^2 = £12,362.70
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