Ask Question
10 July, 21:22

James invests £700 for 2 years at 10% per year compound interest. How much interest does he earn?

+1
Answers (1)
  1. 10 July, 21:49
    0
    We know that James invested 700 for 2 years at interest rate of 10%. To find how much money he made of the interest, we use this formula:

    Principal (1+rate) ^year

    700 (1+0.1) ^2=

    700 (1.1) ^2=

    700 (1.21) =

    847←The total amount of money he made.

    847-700=147←How much money gained
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “James invests £700 for 2 years at 10% per year compound interest. How much interest does he earn? ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers