Ellie1234 Ellie1234

19-02-2017
Mathematics

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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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WillieH WillieH

19-02-2017

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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