Brian invests £4700 into his bank account.
He receives 5.5% per year compound interest.
How much will Brian have after 3 years?
Give your answer to the nearest penny where appropriate.
Answers
Answered by
0
Answer:
Answer:
★ Brian will have £5518.90 ★
Step-by-step explanation:
Given:
Brian invests 4700 into his bank account ( Principal )
Rate is 5.5% per annum
Time given is 3 years
To Find:
Amount Brian will after 3 years
Solution:
★ We know that Amount = Principal (1+ r/100 )^n ★
Amount = 4700 ( 1 + 5.5/100)³
A = 4700 ( 105.5/100)³
A = 4700 x ( 1055/1000)³
A = 4700 x (1.055)³
A = 4700 x 1.17424......
A = 5518.928
★ Amount in nearest penny =
5518.928 → 5518.93 →5518.90
Hence, Brian will have £5518.90 after 3 years.
Answered by
15
Answer: 5518.93
Step-by-step explanation:
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