A man deposits £200 for 3 years in a bank. If the rate of interest is 5% p.a compounded annually, find the amount that he will receive at the end of 3 years.

Using the compound amount formula A = P(1 + R/100)^n, we substitute the principal of 200, the rate of 5%, and the time of 3 years to get A = 200(1 + 5/100)^3. This simplifies to 200 multiplied by the cube of 1.05, which is 200 multiplied by 1.157625. Calculating this gives the final maturity amount as 231.53.

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