Answered

Explore Westonci.ca, the leading Q&A site where experts provide accurate and helpful answers to all your questions. Discover in-depth answers to your questions from a wide network of experts on our user-friendly Q&A platform. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

Jenny invests £8500 for 3 years in a savings account. She gets 2.3% per year simple interest. (this is where you calculate the profit for ONE year and just add it on... NOT compound interest) How much money will Jenny have in her savings account at the end of 3 years?

Sagot :

samuelonum1

Answer:

£9095

Step-by-step explanation:

Given data

P=£8500

T= 3 years

R= 2.3%

The compound interest formula is

A= P(1+r)^t

substitute

A=8500(1+0.023)^3

A=8500(1.023)^3

A=8500*1.07

A=£9095

Hence the savings after 3 years is £9095

Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Get the answers you need at Westonci.ca. Stay informed by returning for our latest expert advice.