Brian invests £600 into his bank account. He receives 3.2% per year compound interest. How much will Brian have after 6 years
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Answer:
£725
Step-by-step explanation:
Amt. invested by Brian (P)= £600
Rate of interest (r) = 3.2 p.a.
Time period (n)= 6yrs
Amt. after 6yrs = P (1 + r / 100) ^ n
= 600 (1 + 3.2 / 100) ^ 6
= £724.82 or £725 (Ans)
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