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dennis invested £1000 for 4 years into a savings account. he recieved 5% per annum compound interest. calculate the total interest he earned over 4 years
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dennis invested £1000 for 4 years into a savings account. he recieved 5% per annum compound interest. calculate the total interest he earned over 4 years

User Rotsen
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formula: A= P (1+r/n) ^tn

plug in: A= 1000 (1+0.05/12) ^4(12)

solve: A= 1000 (1+0.05/12) ^48

A≈ 1220.9
User Zeugma
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