Brian invests £4900 into his bank account.
He receives 1.5% per year compound interest.
How much will Brian have after 4 years?
Give your answer to the nearest penny where appropriate.
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Brian invests £4900 into his bank account.
He receives 1.5% per year compound interest.
How much will Brian have after 4 years?
Give your answer to the nearest penny where appropriate.
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Answer:
The answer is £5200.68
Step-by-step explanation:
Principal (P) = £4900
Rate (R) = 1.5% per annum
Time (T) = 4 years
Amount (A) = P (1 + R/100)^T
A = 4900 (1 + 1.5/100)^4
A = 4900 (203/200)^4
A = £5200.68
Hence, Brian will have Principal (P) = £4900
Rate (R) = 1.5% per annum
Time (T) = 4 years
Amount (A) = P (1 + R/100)^T
A = 4900 (1 + 1.5/100)^4
A = 4900 (203/200)^4
A = £5200.68
Hence, Brian will have £5200.68 after 4 years