Final answer:
To find the final value of an investment, use the formula: Final Value = Initial Value × (1 + r/100)^n, where r is the interest rate per annum and n is the number of years. Calculating the given values will yield the final value of the investment.
Step-by-step explanation:
To find the final value of an investment, we can use the formula:
Final Value = Initial Value imes (1 + rac{r}{100})^n
where:
- Initial Value is the amount invested (£10,500)
- r is the interest rate per annum (6.6%)
- n is the number of years (5)
Using the given values, we have:
Final Value = £10,500 imes (1 + rac{6.6}{100})^5
Calculating this gives us the final value of the investment.
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