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.
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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=Amount
P = Principal
r = rate of interest
n = No. of compounds per year
t = time
Substitute the value
Hence Dan will have £2922.566
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