Answer:
£27,540.55
Explanation:
In order to calculate how much Ben will have if he deposits £24,000 in a savings account with an annual interest rate of 3.5% for 4 years, we can use the formula for compound interest:

Where:
- A = the future value of the investment/loan, including interest
- P = the principal amount (initial deposit or loan amount)
- r = the annual interest rate (as a decimal)
- n = the number of times that interest is compounded per year
- t = the number of years the money is invested or borrowed for
In this case,
P = £24,000, r = 3.5% (or 0.035 as a decimal), n is typically 1 for annual compounding, and t = 4 years.
Substitute these values into the formula:






So, if Ben deposits £ 24,000 in a savings account with a 3.5% annual interest rate for 4 years, he will have approximately £27,540.55 in the account at the end of the 4-year period.