Caitlin is the accountant for the international logistics company that operates in Germany and in the UK.
The company uses two different bank accounts.
In the UK: 2% simple interest per year.
In Germany: 1% compound interest per year.
At the start of year 1, there was £20,000 in the UK account and the account in Germany was empty.
At the end of the first year, Caitlin transfers the money in the UK account into euros and places it in the account in Germany.
How much money, in euros, is in the account in Germany after a further 2 years?
Give your answer to two decimal places.
£1 = €1.15
You must show your calculations as well as your final answers.
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