Question

Nishi invests £2200 at 5% interest per year.

Work out how much she will have altogether after:

3 years
5 years

Please help! Ty! <3

Answer 1

Nishi will have £2547.18 after 3 years and £2807.82 after 5 years, if she invests £2200 at 5% interest per year with the interest compounded annually.

Step-by-step explanation:

Nishi invests £2200 at 5% interest per year. To work out how much she will have altogether after a certain number of years, we can use the formula for compound interest, which is an interest calculation on the principal along with the accumulated interest. The formula for compound interest is A = P(1 + r/n)^(nt), where:

• P = principal amount (£2200)
• r = annual interest rate (0.05)
• n = number of times interest is compounded per year
• t = number of years

Assuming the interest is compounded annually (n = 1), the formulas for 3 and 5 years respectively become:

1. £2200(1 + 0.05)^3
2. £2200(1 + 0.05)^5

After 3 years:

Total = £2200(1.05)^3 = £2200(1.157625) = £2547.175

After 5 years:

Total = £2200(1.05)^5 = £2200(1.2762815625) = £2807.819375

Thus, after 3 years, Nishi will have £2547.18 and after 5 years, she would have £2807.82.

Answer 2

I =(2200×5%×3)/100
=3.3
3 years = 3.3 +2200
= 2203.30
I =(2200×5%×5)/100
=5.50
5 years =5.50 +2200
= 2205.50