Question

Dan invests £7600 into his bank account.
He receives 3% per year compound interest.
How much will Dan have after 4 years?
Give your answer to the nearest penny where appropriate.

Answer 1

Answer:

932.926

Step-by-step explanation:

7600*3/100=228

I)228

ii)228+6.84

iii)228+6.84+0.20

iv)228+6.84+0.20+0.0061

Answer 2

Dan will have £ 8553.87  after 4 years.

Explanation:

Formula : $A=P(1+\dfrac{r}{100})^t$

, where P= Principal amount

r= rate of interest

t= time

As per given , we have

P=  £7600 , r= 3% and t= 4 years

Put all values in formula , we get

$A=(7600)(1+\dfrac{3}{100})^4\\\\= (7600)(1.03)^4\\\\= 7600(1.12550881)\\\\=8553.866956\approx8553.87$

∴ Dan will have £ 8553.87  after 4 years.

# Learn more :

Dan invests £1000 into his bank account.

He receives 10% per year simple interest.

How much will Dan have after 2 years?

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