Kitty has invested £5500 for 3 years in a savings account. She is paid 6% per annum compound interest. How much did she have in

Question

2 years ago

13

her savings account at the end of the 3 years?

1 answer:

Zielflug [23.3K] · Answer 1 · 2023-02-28T09:31:08+03:00

The value of her investment at the end of 3 years is £10955.08

<h3>How to determine the value?</h3>

The given parameters are

The value is then calculated as:

Value = P * P(1 + r)^t

So, we have:

Value = 5000 + 5000 * (1 + 6%)^3

Evaluate the expression

Value = 10955.08

Hence, the value of her investment at the end of 3 years is £10955.08

Read more about compound interest at:

#SPJ1