Question

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.

Answer 1

Answer:

Brian will have £817.8

Step-by-step explanation:

Principal = £4700

interest = 5.5% = 0.055

n = 3 years

Amount = [(Principal * (1 + interest)ⁿ) - Principal]

Amount = [(4,700 * (1 + 0.055)³) - 4,700]

Amount = [(4,700 * (1.055)³) - 4,700]

Amount = [(4,700 * 1.174) - 4,700]

Amount = [5,517.8 - 4,700]

Amount = £817.8

Step-by-step explanation:

Answer 2

Answer:

£5518.93

Step-by-step explanation:

bc it gave me the exact answer on hearty maths