Question

rian invests £8500 into his bank account. He receives 5.7% per year compound interest. How much will Brian have after 6 years? Give your answer to the nearest penny where appropriate.

Answer 1

Answer:

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Answer 2

Answer:

Given:

Brian invests £8500 into his bank account

He receives 5.7% per year compound interest

To find:

How much will Brian have after 6 years?

Solution:

The formula to calculate the amount in compound interest is as follows:

\boxed{\bold{A = P [1+\frac{R}{100} ]^n}}

A=P[1+

100

R

]

n

Now, we will substitute the given values in the above formula:

A = 8500 [1+\frac{5.7}{100} ]^6}}

\implies A = 8500 [1+0.057 ]^6}}

\implies A = 8500 [1.057 ]^6}}

\implies A = 8500 \times 1.3946⟹A=8500×1.3946

\implies A = 11854.10⟹A=11854.10

rounding the final answer to its nearest penny

\implies A =⟹A= £ \bold{11854}11854

Thus, Brain will have £ 11854 after 6 years.

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