Question

Brian invests £6300 into his bank account.

He receives 4.9% per year compound interest.

How much will Brian have after 2 years?

Give your answer to the nearest penny where appropriate.

Answer 1

THE ANSWER IS ABOVE

Explanation:

hahahaha

Answer 2

Amount that Brian has after 2 years = £6932.53

Explanation:

To find, the amount that Brian will have after 2 years:

Formula for amount where compound interest is applicable:

`A = P * (1+(R)/(100))^t`

Where A is the amount after t years time

P is the principal.

R is the rate of interest.

In the question, we are given the following details:

Principal amount,P = £6300

Rate of interest,R = 4.9%

Time,t = 2 years

Putting the values in formula:

`A = 6300 * (1+(4.9)/(100))^2\\\Rightarrow 6300 * ((104.9)/(100))^2\\\Rightarrow 6932.53`

Hence, Amount that Brian has after 2 years = £6932.53