Question

Lasian invests £9200 into a bank account. She receives 5% per year compound interest. How much money does she have after 11 years?

Answer 1

the money after 11 years is £15,735.12

Explanation:

The computation of the amount after 11 years is given below:

Future value = Present value × (1 + rate of interest)^number of years

= £9,200 × (1 + 0.05)^11

= £9,200 × 1.05^11

= £9,200 × 1.710339358

= £15,735.12

Hence, the money after 11 years is £15,735.12