Question

Colin invests £4800 into his bank account.
He receives 3% per year compound interest.
How much will Colin have after 7 years?
Give your answer to the nearest penny where appropriate.

Answer 1

Answer:

CI=1103

Step-by-step explanation:

P=4800

i=3/100=0.03

n=7

CI=P[(1+i)^n-1]

= 4800[(1+0.03)^7-1]

=1103

Answer 2

Answer:

5903•39

explanation:

a=(1+r/100)^n

here a is the amount

r is the rate

n is the number of year

hope it help