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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.
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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.

User Saurabh Parmar
by
4.2k points

1 Answer

2 votes

Answer:

£8934.24

Explanation:

100 + 2.8 = 102.8

102.8 / 100 = 1.028

8000 x
1.028^(4) = £8934.24

User Fixxxer
by
3.0k points
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