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Colin invests £4600 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. please show your working
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Colin invests £4600 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.


please show your working

User Stu Stein
by
7.4k points

1 Answer

5 votes

Answer:

answer is £6053.29

Explanation:

C.i - p(1+r/100)n-P

A=p+I

Colin invests £4600 into his bank account. He receives 4% per year compound interest-example-1
Colin invests £4600 into his bank account. He receives 4% per year compound interest-example-2
User Clement Prem
by
8.2k points
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