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Cynthia invests some money in a bank which pays 5% compound interest per year She wants it to be worth over £8000 at the end of 3 years What is the smallest amount, to the nearest pound, she can invest?
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17 votes
Cynthia invests some money in a bank which pays

5% compound interest per year
She wants it to be worth over £8000 at the end of 3 years
What is the smallest amount, to the nearest pound, she can invest?​

User MrMadsen
by
4.8k points

1 Answer

6 votes

Answer:

£1200

Explanation:

£8000 divide by 5% = 400

£400 times 3 = £1200

User Wiifm
by
5.8k points
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