Liam invests £6200 for 3 years in a savings account. He gets 2.5% per annum compound interest. How much money will Liam have in his savings account at the end of 3 years?
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The interest earned each year can be calculated using the formula: Interest = Principal * Rate. In this case, the principal is €6200 and the rate is 5% per annum. So, the interest earned each year is: €6200 * 5% = €310. Show more…
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