Question

Brian invests £8300 into his bank account.

He receives 1.4% per year compound interest.
How much will Brian have after 7 years?
Give your answer to the nearest penny where appropriate.
£

Answer 1

£9,148.37 pounds

Explanation:

you need to get the 1.4% of 8300 and add it to the next year

which will give £8,416.20

you repeat that again but with 8,416.20 to the 3rd year and so on and so forth