Question

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.

Answer 1

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

Answer 2

The answer is 1353244penies