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Dan invests £8000 into his bank account. He receives 2% per year compound interest. How much will Dan have after 3 years? Give your answer to the nearest penny where appropriate.
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Dan invests £8000 into his bank account.

He receives 2% per year compound interest.
How much will Dan have after 3 years?
Give your answer to the nearest penny where appropriate.

User Bzn
by
8.5k points

1 Answer

5 votes

Answer:

£8489.66

Explanation:

100% × 2% = 102%

102% = 1.02

£8000 ×
1.02^(3) = 8489.664

= £8489.66

User Vincent Marchetti
by
8.0k points
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