HondaNSX123idn
Answered

Explore a wide range of topics and get answers from experts on IDNLearn.com. Find the answers you need quickly and accurately with help from our knowledgeable and experienced experts.

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 being part of this discussion. Keep exploring, asking questions, and sharing your insights with the community. Together, we can find the best solutions. For trustworthy answers, rely on IDNLearn.com. Thanks for visiting, and we look forward to assisting you again.