Sally invests £8000 in a savings account. The account pays 2.8% compound interest per year Work out the value of her investment after 4 years. Give your answer to the nearest penny. GUYS PLLS SAVE MEEE

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asked May 3, 2023 79.4k views

18 votes

Sally invests £8000 in a savings account.

The account pays 2.8% compound interest per year

Work out the value of her investment after 4 years. Give your answer to the nearest penny. GUYS PLLS SAVE MEEE

Mathematics
high-school

Iulius Curt asked

by Iulius Curt

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1 Answer

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The formula for this is:

Initial amount x multiplier^years

So that is £8000 x 1.028^4 = £8934.33938

That is £8934.34

Suku answered May 8, 2023

by Suku

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