Question

Omar invests £6000 for 4 years in a savings account. He will get 1.5 % per year compound interest. Work out the total amount of that will be in Omar accounts by the end of the 4 years. Round your answer to the nearest pound.

The answer is either

6361
6369
6360
Or 6368

Answer 1

£6368

Explanation:

You can start by making a formula, which will be:

100/100=1

1.5/100=0.015

1+0.015=1.015 (your multiplyer)

6000*1.015^n= your money after 4 years

(n represents the number of years)

Now you just put in the number of years:

6000*1.015^4=6368.181304

Now round:

Answed= £6368