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Popular Word Problems >

£2000 is invested with an interest rate of 2% per year. How much is the ivestment worth after 3 years?

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Solution

£2000isinvestedwithaninterestrateof2%peryear.Howmuchistheivestmentworthafter3years?

Solution

Amount:2120
Solution steps
Translate the problem into an equation:A=2000(1+0.02⋅3)
2000(1+0.02⋅3)=2120
Amount:2120

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