£3000 is invested for 2 years at 3.8% per annum compound interest. What is the total interest earned over the 2 years?

We can use the following formula: Amount after n years' compound interest = Initial amount x (1 + r)n r = The interest rate in decimal form. n = Number of years. Simply plug the values into our formula: £3000 x (1.038)= £3232.33 This gives us the TOTAL value of the investment after 2 years. We only want to find out the total interest earned, so we need to subtract the original value from the new value: £3232.33 - £3000 = £232.33 Answer: Interested earned over 2 years is equal to £232.33.

Answered by Arisera T. Maths tutor

8210 Views

See similar Maths GCSE tutors

Related Maths GCSE answers

All answers ▸

is x + x equal to x^2 ?


Expand and simplify (3x-1)(2x+1)(5-x)


Solve for x, y, and z: 5x - 2y = 19 , 3x + 3z = 21 , y + z = 2


Write y = x^2 + 4x + 6 in the form y = (x + a)^2 + b. What is the minimum value of y?


We're here to help

contact us iconContact usWhatsapp logoMessage us on Whatsapptelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

© MyTutorWeb Ltd 2013–2024

Terms & Conditions|Privacy Policy
Cookie Preferences