£2000 is invested in an account paying 4% nominal annual interest

MATHEMATICS · Subjective · CBSE · Mathematics · Fractions in Disguise · Fractions in Disguise

Problem

£2000 is invested in an account paying 4% nominal annual interest, compounded monthly. Find the amount in the account after 10 years, giving your answer to two decimal places.

Related theory

Financial Arithmetic
Compound Interest
Ratio and Proportion
Compound interest formula
Compound interest, growth and depreciation

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