Question

Brian invests £1900 into his bank account.
He receives 4.5% per year compound interest.
How much will Brian have after 7 years?
Give your answer to the nearest penny where appropriate.

Answer 1

Answer:

Brian will have $ 2585.637 after 7 years.

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Answer 2

Answer:

$ 2585.637

Step-by-step explanation:

Brian will have $ 2585.637 after 7 years

Solution:

The amount using compound interest is given as:

 Where,

p is principal and r is rate of interest in decimal and t is number of years

From given,

p = 1900

t = 7

  Substituting we get,

A = 1900 x 1.36086

A =  2585.637

Thus Brian will have $ 2585.637 after 7 years

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