Answered

Find the best solutions to your questions at Westonci.ca, the premier Q&A platform with a community of knowledgeable experts. Discover comprehensive answers to your questions from knowledgeable professionals on our user-friendly platform. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

Dan invests £8200 into his bank account.
He receives 2% per year compound interest.
How much will Dan have after 7 years?
Give your answer to the nearest penny where appropriate.

Sagot :

Answer:  £ 3675.79

Step-by-step explanation:

A = P(1 + r)^t

A = final amount = x

P = initial principal balance = 3200

r = interest rate = 0.02

t = number of years elapsed = 7

x = 3200(1.02)^7

x = 3200 * 1.14868567

x = 3675.79414

x = 3675.79

Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Your questions are important to us at Westonci.ca. Visit again for expert answers and reliable information.