Question

ben put £1000 into a savings account. the interest rate was compound at 0.65% per year. at the end of x years he had made £53.20 in interest show that x=8

Answer 1

Below.

Explanation:

Using PRT/100 = I, we can prove that x = 8.

=> 1000 x 0.65 x 8/100

=> 10 x 0.65 x 8

=> 6.5 x 8

=> £52

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