Answered

Discover a wealth of knowledge at Westonci.ca, where experts provide answers to your most pressing questions. Get quick and reliable answers to your questions from a dedicated community of professionals on our platform. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.


Brian invests £4700 into his bank account.
He receives 5.5% per year compound interest.
How much will Brian have after 3 years?

Sagot :

qasimrashid2016

Answer:

5,548.9861375

Step-by-step explanation:

First year

4700/100×5.5=258.5

So his account will be 4700+285.5=4985.5

Second year

4985.5/100×5.5=274.2025

His account will be 4985.5+274.2025=5,259.7025

Third year

5,259.7025/100×5.5=289.2836375

The total in his account after three years equal to

289.2836375+5259.7025=5,548.9861375

Thanks for using our platform. We're always here to provide accurate and up-to-date answers to all your queries. We appreciate your time. Please come back anytime for the latest information and answers to your questions. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.