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If the price of rail season tickets increases by 4% every year, work out the price after 3 years of a season ticket that currently costs £3048. You must use the compound interest formula in your workings.
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5 votes
If the price of rail season tickets increases by 4% every year, work out the price after 3

years of a season ticket that currently costs £3048. You must use the compound interest
formula in your workings.

User Benjamin Abt
by
8.5k points

1 Answer

5 votes

Answer:

3048 x 1.04 ^3 = 3428.585474

User BeeOnRope
by
9.0k points
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