13 At the beginning of 2009, Mr Veale bought a company.
1 answer:
Answer:
£58,800
Step-by-step explanation:
The answer can be calculated using
FV=p(1+r/n)^nt
P=£50,000
r=2%=0.02
n=12
t=2009 to 2017=8 years
FV=p(1+r/n)^nt
=50,000(1+0.02/12)^12*8
=50,000(1+0.0017)^96
=50,000(1.0017)^96
=50,000(1.1771)
=58,855
FV=58,855
To the nearest £100=£58,800
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