Q6. Sakira invested £3550 in a savings account for 3 years.
She was paid 2.6% per annum compound interest for each of the first 2 years,
She was paid R% interest for the third year,
Sakira had £3819.21 in her savings account at the end of the 3 years.
Work out the value of R.
Give your answer correct to 1 decimal place.

2.2%

Step-by-step explanation:

Given the initial invested as £3550, compound interest rate for first two years as 2.6% and interest for third year as R% and a final amount as £3819.21, R% can be calculated as:

#Compound interest in first two years:

#Hence, the total amount after first two years is £3737. To find R%, we further compound it for the final year and equate it to the final amount:

Hence, R% is equivalent to 2.2%

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