Question

Sally invests £8000 in a savings account.
The account pays 2.8% compound interest per year.
Work out the value of her investment after 4 years.
Give your answer to the nearest penny.​

Answer 1

Answer:

The total amount is calculated by:

P(1+r)^n

where P is the amount invested

r is the rate of interest

and n is the time.

Here, P=£8000

r=0.028

and n=4

Value of investment after 4 years=

8000(1+0.028)^4

=8000 x 1.028^4

=£8934.34

Hence, Value of investment is:

£8934.34

PLZ MARK AS BRIANLIEST AND THX FOR THE SUPERB QUESTION

Answer 2

Step-by-step explanation:

I hope it will be helpful for you....

Mark my answers brilliant thanks...