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Answered


A bank promises to pay 5.5% pa compound interest on
deposits of £2337 if saved for 3 years. How much will the
savings be worth at the end of the period mentioned? Write
your answer correct to 2 decimal places.
Answer:​

Answer :

Mhanifago

Answer:

  • £407.20

Step-by-step explanation:

  • Deposit = £2337
  • Interest = 5.5% pa compound
  • Time = 3 years

Savings:

  • 2337*((1 + 5.5/100)^3 - 1) =
  • 2337*((1.055)^3 - 1) =
  • 407.20

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