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compound interest

Hello,

I have this question and i was curious as to whether there is a formula to work this out.

At the end of each of 7 consecutive years £100 is invested in an account at the interest rate of 3% per annum compound interest. What is the value of the investment(to the nearest penny) just after the payment of the final installment?

Thanks
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asinework
There are formulas, it depends on the frequency at which interest is compounded. (either yearly, monthly, weekly, daily, or constantly uses e)
I believe banks usually compound interest daily.

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