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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 appropri…

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 appropri…
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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.

User Bao Haojun
by
8.3k points

1 Answer

1 vote

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

=131.59

User John Goodman
by
7.8k points
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