Question

dan invests £3400 into his bank account.
He receives 5% per year compound interest.
How much will Dan have after 6 years?
Give your answer to the nearest penny where appropriate.

Answer 1

After 6 years he will have 4556oopennies

Answer 2

Dan will have £4556.325 after 6 years

Step-by-step explanation:

Principal = £3400

Rate of interest = 5%

Time = 6 years

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

$A=3400(1+0.05)^6$

A=4556.325

Hence Dan will have £4556.325 after 6 years

#Learn more:

Find the amount and the compound interest on rupees 8000 at 5% per annum for 2 years compounded annually

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