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Sagot :
Answer:
See Below
Step-by-step explanation:
The equation for this scenario would be ( compounded annually)
6600 ( 1 + .006)^6 = £ 6841.19
Answer:
Brian will have £6841.19 after 6 years.
Step-by-step explanation:
The compound interest formula is:
[tex]A = P( 1 +\frac{r}{100} )^{n}[/tex] ,
where A is the final amount, P is the initial (principal) amount invested (£6600), r is the interest rate (0.6%) and n is the number of years the money is kept for (6 years).
Using the formula:
[tex]A = 6600(1 + \frac{0.6}{100} )^{6}\\\\A = 6841.19[/tex]
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