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If I have £730 in my bank account which has 2.5% compound interest per year, how much more money will be in there after two years?

AFTER 1 YEAR: interest = £730 x 0.025 = £18.25

Rotal money in my account = £730 + £18.25 = £748.25.

AFTER 2 YEARS: interest = £748.25 x 0.025 = £18.706

Total money in my account = £766.96 (remember to round to the nearest penny)

ALTERNATIVELY:

£730 x (1.025)2 = £766.96

HOW MUCH MONEY HAVE I MADE?

Money after two years - money I put in = £766.96 - £730 = £36.96

Sally H. A Level Maths tutor, IB Maths tutor, GCSE Maths tutor, 11 Pl...

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