Question

calculate the final amount that will have in my savings account if i invest R600 for 2 years at a rate of 6% per annum interest

Answer 1

To calculate the final amount in your savings account after 2 years with an interest rate of 6% per annum, you can use the following formula:

Final amount = Principal amount x (1 + Interest rate)^Number of years

In this case, the principal amount is R600, the interest rate is 6% per annum, and the number of years is 2.

Plugging in these values into the formula:

Final amount = R600 x (1 + 0.06)^2

Final amount = R600 x (1.06)^2

Final amount = R600 x 1.1236

Final amount = R674.16

Therefore, the final amount in your savings account after 2 years will be R674.16.