Tom invested £2500 for 3 years into his savings account.

The back paid him 3% per year compound interest.

How much did Tom have in his bank account at the end of the three years?

Question

Mathematics

Valeria

30 April, 01:26

Tom invested £2500 for 3 years into his savings account.

The back paid him 3% per year compound interest.

How much did Tom have in his bank account at the end of the three years?

+1

Answers (2)

Know the Answer?

Steven Kirby · Answer 1

Steven Kirby 30 April, 01:38

0

Fv=2,500*1.03^ (3)

=2,731.81

Jayda Pace · Answer 2

The frist years interest would be £75, so after 1 year it'd be £2,575, after 2 years the interest would be £77.25 giving a total of £2,652.25 and after the third final ear, the interest would be £79.57, resulting in Tom having £2,731.82 at the end of the 3 years

Tom invested £2500 for 3 years into his savings account.The back paid him 3% per year compound interest.How much did Tom have in his bank account at the end of the three years?

Tom invested £2500 for 3 years into his savings account.

The back paid him 3% per year compound interest.

How much did Tom have in his bank account at the end of the three years?