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Masteriza [31]
3 years ago
13

Colin invests £3300 into his bank account.

Mathematics
1 answer:
lorasvet [3.4K]3 years ago
5 0

Answer:

$3714.18

Step-by-step explanation:

From the question;

Amount invested is $3300

Rate of interest 3% per year compound interest

Time is 4 years

We want to determine the amount that accrued after 4 years

In this case we are going to use the compound interest formula;

That is;

A=P(1+(\frac{R}{100})^nwhere A is the amount, P is the principal , r is the rate of interest and n is the time taken.

Therefore;

Amount=3300(1+(\frac{3}{100})^4\\             = 3300(1.03)^4\\             = 3300(1.1255)\\             = 3,714.179

= $3714.18

Therefore, the amount accrued after 4 years is $3714.18

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