Question

Brian invests £4900 into his bank account.
He receives 1.5% per year compound interest.
How much will Brian have after 4 years?
Give your answer to the nearest penny where appropriate.

Answer 1

Answer:

The answer  is £5200.68

Step-by-step explanation:

Principal (P) = £4900

Rate (R) = 1.5% per annum

Time (T) = 4 years

Amount (A) = P (1 + R/100)^T

A = 4900 (1 + 1.5/100)^4

A = 4900 (203/200)^4

A = £5200.68

Hence, Brian will have Principal (P) = £4900

Rate (R) = 1.5% per annum

Time (T) = 4 years

Amount (A) = P (1 + R/100)^T

A = 4900 (1 + 1.5/100)^4

A = 4900 (203/200)^4

A = £5200.68

Hence, Brian will have £5200.68 after 4 years