Question

brian invests £4700 into his bank account he recieves 5.5% compound intrest how much will brian have after 3 years?

Answer 1

Brian will have £817.8

Explanation:

Principal = £4700

interest = 5.5% = 0.055

n = 3 years

Amount = [(Principal * (1 + interest)ⁿ) - Principal]

Amount = [(4,700 * (1 + 0.055)³) - 4,700]

Amount = [(4,700 * (1.055)³) - 4,700]

Amount = [(4,700 * 1.174) - 4,700]

Amount = [5,517.8 - 4,700]

Amount = £817.8