Colin invests £1500 into a savings account. The bank gives 4% compound interest for the first 3 years and 5% thereafter. How much will Colin have after 4 years to the nearest pound?

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asked May 3, 2022 230k views

3 votes

Colin invests £1500 into a savings account. The bank gives 4% compound interest for the first 3 years and 5% thereafter. How much will Colin have after 4 years to the nearest pound?

Mathematics
college

Clomez asked

by Clomez

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1500(1+0.04)^3 = 1687.30

1687.30(1+0.05) = 1771.67 to the nearest pound: 1772

Zilinx answered May 9, 2022

by Zilinx

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