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Harry invests £6000 in a savings account.

the account pays 3.4% compound interest every year.
after 3 years how much will his investment be

User Ian Boyd
by
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1 Answer

3 votes

Explanation:

here,

principal (p)=£6000

Rate (R)=. 3.4%

time (t)=3 yrs

now,

total investment is compound amount i.e CA

here,


CA = p(1 + (r)/(100) ) ^(t)

=£6000(1+3.4/100)^3

=£6633.044

here he will get his total investment as £6633.044 in compound interest of 3.4%

User LarssonK
by
3.8k points