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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.

Brian invests 4700 into his bank account He receives 55 per year compound interest How much will Brian have after 3 years Give your answer to the nearest penny class=

Respuesta :

SBlackquill
The answer is 775.5.

5.5% of 4700 is 258.5.

258.5 x 3 is 775.6.

Hope this helps, good luck!
sqdancefan

Answer:

  £5518.93

Step-by-step explanation:

The compound interest formula will tell you the value of the investment after 3 years.

__

formula

  A = P(1 +r)^t

where principal P is invested at rate r compounded annually for t years.

__

application

  A = £4700(1 +0.055)^3 ≈ £5518.93

Brian will have £5518.93 after 3 years.

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