HondaNSX123idn
Answered

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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 :-)

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