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24 July, 08:58

Holly invested £3000 in a savings account the account paid compound interest of 4% per year work out how much was in the account after one year

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  1. 24 July, 11:40
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    Exponential function

    form of interest rates

    P (1 + r) ^x

    where p is the prime and r is rate of change and x is time in years

    3000 (1 + 4%) ^1

    The answer would be

    3000 (1.04) ^1 = 3120 Euros
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