Question

Dan invests £9200 into his bank account He recieves 4% per year compound interest How much will Dan have after 2 years Give your answer to the nearest penny where appropriate

Answer 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)

I hope this answer has been of help to you. If any part of the explanation is unclear, do feel free to ask for further help. i would be more than happy to help.Thank you.

#answerwithquality and #BAL