Dan invests £11000 into a savings account. The bank gives 3.9% compound interest for the first 3 years and 4.5% thereafter. How much will Dan have after 7 years to the nearest pound?
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Step-by-step explanation:
Formula: A=p%281%2Br%29%5Et
A = Final amount
P = initial amount
r = interest rate per year
t = number of years
For the first three years:
A=11000%281%2B0.039%29%5E3
A=12337.84551
For the following four years:
A=12337.84551%281%2B0.045%29%5E%284%29
A=14713.11026
A=14713 Rounded to the nearest pound.
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