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Harry invests £6000 into a savings account

The account pays 3.4% compound interest per year
Work out the value of his investment after 3 years
Give your answer to the nearest penny

User Gradient
by
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2 Answers

1 vote

Answer:

THX THIS HELPED ME A LOT

Explanation:

User Richard Nguyen
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♫ - - - - - - - - - - - - - - - ~Hello There!~ - - - - - - - - - - - - - - - ♫

Find the multiplier:

1 + (3.4/100) = 1.034

Use this formula:

Final = original x multiplier^n

n is the number of years

Substitute the values in:

final = 6000 x 1.034^3

Solve:

final = 6633.0438

This can be rounded to the final answer of £6633.04

Hope This Helps You!

Good Luck (:

Have A Great Day ^-^

↬ ʜᴀɴɴᴀʜ

User Bardockyo
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