The amount after 2 years will be 855.3248
What is Interest?
Interest, in its most simple form, is calculated as a percent of the principal.
Given:
P= £800 , r= 3.4%, t= 2 year
For, compounded annually
=800*(0.034+1)²
=800* 1.034*1.034
=800* 1.069156
=855.3248
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