Brian invests £4700 into his bank account.
He receives 5.5% per year compound interest.
How much will Brian have after 3 years?
Give your answer to the nearest penny where appropriate.
Share
Brian invests £4700 into his bank account.
He receives 5.5% per year compound interest.
How much will Brian have after 3 years?
Give your answer to the nearest penny where appropriate.
Sign Up to our social questions and Answers Engine to ask questions, answer people’s questions, and connect with other people.
Login to our social questions & Answers Engine to ask questions answer people’s questions & connect with other people.
Answer:
Brian will have £817.8
Step-by-step explanation:
Principal = £4700
interest = 5.5% = 0.055
n = 3 years
Amount = [(Principal * (1 + interest)ⁿ) - Principal]
Amount = [(4,700 * (1 + 0.055)³) - 4,700]
Amount = [(4,700 * (1.055)³) - 4,700]
Amount = [(4,700 * 1.174) - 4,700]
Amount = [5,517.8 - 4,700]
Amount = £817.8
Step-by-step explanation:
Answer:
£5518.93
Step-by-step explanation:
bc it gave me the exact answer on hearty maths