Answer:
£694.575
Step-by-step explanation:
Using the formula for calculating the compound interest expressed as;
A = P(1+r)^t
P is the principal = £600
r is the rate = 5% = 0.05
t is the time = 3 years
Substitute into the formula;
A = 600(1+0.05)^3
A = 600(1.05)^3
A = 600(1.157625)
A = 694.575
hence the amount in the account after 3 years is £694.575
