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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Ankit Aranya asked Dec 2, 2023

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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

Ankit Aranya asked Dec 2, 2023

by Ankit Aranya

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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

Benjamin Dell answered Dec 7, 2023

by Benjamin Dell

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