Dan invests £9200 into his bank account. He receives 4% per year compound interest. How much will Dan have after 2 years? Give your answer to the nearest penny where appropriate.
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Answered by
1
Answer:
£9950.7
Step-by-step explanation:
compound interest formula
A=P(1+R/100)^P
A= FINAL AMOUNT
P= INITIAL PRINCIPAL AMOUNT
R= INTEREST RATE
P= TIME PERIOD
NOW FILL IN THE REQUIRED FIGURES
A=9200(1+4/100)^2
=9950.72
=9950.7 ( to the nearest penny)
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Answer:
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