Colin invests £3300 into his bank account.
1 answer:
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;
where A is the amount, P is the principal , r is the rate of interest and n is the time taken.
Therefore;
= $3714.18
Therefore, the amount accrued after 4 years is $3714.18
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