Problem
Oscar opens a savings account which gives compound interest of $3.5 \%$ per year. He puts $£ 2000$ into it. a) How much money will Oscar have in the account after 9 years? b) How much interest will Oscar have earned from this account after 9 years? Give your answers in pounds $(£)$ to the nearest $1 \mathrm{p}$.
Solution
Step 1 ：Let's use the compound interest formula: A = P(1 + r/n)^(nt)
Step 2 ：Given: P = 2000, r = 0.035, n = 1, and t = 9
Step 3 ：Plug these values into the formula: A = 2000(1 + 0.035/1)^(1*9)
Step 4 ：Calculate the amount: A = 2725.794706514244
Step 5 ：\(\boxed{2725.79}\) is the amount Oscar will have in the account after 9 years
