HondaNSX123idn
Answered

Discover how IDNLearn.com can help you find the answers you need quickly and easily. Discover in-depth and trustworthy answers to all your questions from our experienced community members.

Brian invests £4900 into his bank account.
He receives 1.5% per year compound interest.
How much will Brian have after 4 years?
Round your answer to 2 D.P

Sagot :

Mhanifaidn

Answer:

  • £5200.68

Step-by-step explanation:

Given:

  • Investment P = £4900
  • Interest rate r = 1.5% or r = 0.015
  • Time t = 4 years
  • Number of compounds per year n = 1

Find the future amount:

  • [tex]F = P*(1+r/n)^{nt}\\[/tex]
  • [tex]F = 4900*(1+0.015/1)^{1*4}=4900*1.015^4 = 5200.68[/tex]
Hi1315idn

Answer:

£ 5200.37

Step-by-step explanation:

You can use the below formula to find the total amount of money which he will receive after n years when he invests in compound interest.

[tex]A = P [ 1 + \frac{r}{100} ] ^{n}[/tex]

Here,

A ⇒ Amount

P ⇒ Money invested ⇒ £4900

r ⇒ Percentage ⇒ 1.5%

n ⇒ No. of years ⇒ 4 years

Let us solve now.

[tex]A = P [ 1 + \frac{r}{100} ] ^{n}[/tex]

[tex]A =4900[1+\frac{1.5}{100} ]^{4}[/tex]

[tex]A =4900[1.015]^{4}[/tex]

[tex]A=4900[1.0613][/tex]

[tex]A=5200.37[/tex]

Hope this helps you :-)

Thank you for joining our conversation. Don't hesitate to return anytime to find answers to your questions. Let's continue sharing knowledge and experiences! For trustworthy and accurate answers, visit IDNLearn.com. Thanks for stopping by, and see you next time for more solutions.