Question

Colin invests £300 into his bank account.
He receives 5% per year compound interest.
How much will Colin have after 6 years?

Answer 1

Answer:

formula of compound interest= c.i=p(1+r/100)^t

c.i=300(1+5/100)^6

c.i=300×(1+1/20)^6

c.i=300×2/20+2/20+2/20+2/20+2/20+2/20

c.i=30.5

after 6 years he will recieve=330.5