Question

Dan invests £2700 into his bank account.

He receives 2% per year compound interest.
How much will Dan have after 4 years?
Give your answer to the nearest penny where appropriate

Answer 1

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A = P (1 + i) *n

= £2,700 (1+2%) ⁴

= £2,992.57

= £2,700 + £2,992.57

= £5,692.57

Dan Will Have Approx. £5,692.57

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