Question

Colin invests £100 into his bank account.
He receives 4% per year compound interest.
How much will Colin have after 7 years?
Give your answer to the nearest penny where appropriate.

Answer 1

Step-by-step explanation:

£100×104/100×104/100×104/100×104/100×104/100×104/100×104/100

=131.59

Answer 2

Colin will have £131.593 after 7 years

Step-by-step explanation:

Principal= £100

Rate of interest =  4% =0.04

Time = 7 years

$Amount=P(1+r)^t$

$Amount=100(1+0.04)^7$

$Amount=131.593$

Hence Colin will have £131.593 after 7 years

#Learn more:

Colin invests £3500 into his bank account. He receives 5% per year compound interest. How much will Colin have after 6 years? Give your answer to the nearest penny where appropriate.

https://brainly.in/question/12901625