Colin invests £100 into his bank account. He receives 4% per year compound interest. How much will Colin have after 7 years? Give your answer to the nearest penny where appropriate.

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asked Oct 27, 2022 122k views

1 vote

Colin invests £100 into his bank account.

He receives 4% per year compound interest.
How much will Colin have after 7 years?
Give your answer to the nearest penny where appropriate.

Mathematics
high-school

Bao Haojun asked

by Bao Haojun

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Answer: £100×104/100×104/100×104/100×104/100×104/100×104/100×104/100

=131.59

John Goodman answered Nov 1, 2022

by John Goodman

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