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Colin invests £2900 into his bank account, He receives 3% per year compound interest. How much will Colin have after 4 years? Give your answer to the nearest penny where appropriate.
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1 vote
Colin invests £2900 into his bank account,

He receives 3% per year compound interest.
How much will Colin have after 4 years?
Give your answer to the nearest penny where appropriate.

User Jrc
by
5.7k points

2 Answers

7 votes

Answer:

348 pounds

Explanation:

Simple Interest = principal x rate x time

so, principal = 2900 x rate = 3/100 x time = 4 years

therefore, 2900 x 0.03 x 4 = 348 pounds

User Gboffi
by
5.9k points
3 votes
The answer is 1353244penies
User Sandrooco
by
6.3k points
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