Compound interest £2000 for 3 years 5.5% annum

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27-09-2017
Mathematics

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Compound interest £2000 for 3 years 5.5% annum

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jdoe0001 jdoe0001 · Answer 1 · 2017-09-27T21:18:21+02:00

[tex]\bf \qquad \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to &\£2000\\ r=rate\to 5.5\%\to \frac{5.5}{100}\to &0.055\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{per annum, thus once} \end{array}\to &1\\ t=years\to &3 \end{cases} \\\\\\ A=2000\left(1+\frac{0.055}{1}\right)^{1\cdot 3}[/tex]