Question

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.

Answer 1

Answer:

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Answer 2

Colin will have 4690.35 after 6 years .

Explanation:

Formula to calculate the accumulated amount after t years :

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

, where P= Principal

r= rate of interest ( in decimal)

t= time

As per given , we have

P= £3500

r= 5%=0.05

t= 6

Substitute all values in formula , we get

$A=3500(1+0.05)^6\\\\=3500(1.05)^6\\\\=3500(1.3401)=4690.35$

Hence,   Colin will have 4690.35 after 6 years .

# Learn more :

Manohar pays an interest of rupees 750 for 2 years on a sum of rupees 4500 , find the rate of interest ?

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