Question

Dan invests £2700 into his bank account.
He receives 2% per year compound interest.
How much will Dan have after 4 years?
Give your answer to the nearest penny where appropriate.


Dan invests £2700 into his bank account.
He receives 2% per year compound interest.
How much will Dan have after 4 years?
Give your answer to the nearest penny where appropriate.

Answer 1

Dan will have £2922.566

Step-by-step explanation:

Principal =  £2700

Rate of interest = 2%  per year

Time = 4 years

No. of compounds per year = 1

Formula : $A=P(1+\frac{r}{n})^{nt}$

A=Amount

P = Principal

r = rate of interest

n = No. of compounds per year

t = time

Substitute the value

$A= 2700(1+\frac{2}{100})^4\\A=2922.566$

Hence Dan will have £2922.566

#Learn more :

Dan invests £1000 into his bank account.

He receives 10% per year simple interest.

How much will Dan have after 2 years?

Give your answer to the nearest penny where appropriate.

https://brainly.in/question/9866047

Answer 2

Answer:

2922.57

Step-by-step explanation:

make sure you round to the 2nd decimal