1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Naddik [55]
3 years ago
11

Claire invests £200 000 in a savings account for 4 years.

Mathematics
1 answer:
Digiron [165]3 years ago
5 0

Answer:

£13,110.49

Step-by-step explanation:

The formula for Compound interest is calculated as =

Compound Interest = Total Amount (A) - Principal (P)

Since we have already been given the principal in the question as £200,000

The next step would be to find and calculated the Total amount(A) that would be saved after 4 years using the formula below:

(A) = P( 1 + r/n) ^nt

Where A = Total amount

P = Principal which means the amount you are investing in savings

r = interest rate

n = number of times the interest is compounded( it could be daily, weekly,monthly or annually).

t = number of time periods elapsed.

From the question, for Claire's savings investment, we were given the following values:

P(Principal) = £200 000

r(interest rate) = 1.6% = 0.016

n = for Claire this is annually i.e per year = 1

t = number of time periods elapsed = 4 years

The total amount been saved after 4 years is calculated as:

A = P( 1 + r/n) ^ nt

A = £200,000( 1 + 0.016/1)¹× ⁴

A =  £200,000(1.016)⁴

A =  £213,110.48991

Approximately, A = £ 213,110.49

The total amount been saved after 4 years =  £ 213,110.49

From the question above, we were asked to calculate the total amount of interest Claire would get after 4 years. And we can do that using this formula:

Total Amount = Principal + Compound interest

Therefore, Compound Interest = Total amount - Principal

Where: Total amount = £213,110.49

Principal = £200,000

Compound interest = £213,110.49 - £200,000

Compound interest = £13,110.49

Therefore, the total amount of interest Claire will get at the end of 4 years =  £13,110.49

So sorry about the error. The error has been corrected above already. Thank you.

You might be interested in
An arithmetic sequence is represented in the following table. Enter the missing term of the sequence.
sdas [7]

Answer:

117

Step-by-step explanation:

every time x goes up by one you add 5 to y

3 0
3 years ago
AB and BC share point B to form AC. If AC=7 and BC=5, then what is the length of AB?
AnnZ [28]
|AC|=7;\ |BC|=5\\\\|AC|=|AB|+|BC|\\\\|AB|+5=7\ \ \ \ \ |subtract\ 5\ from\ both\ sides\\\\\boxed{|AB|=2}

4 0
3 years ago
Read 2 more answers
Use the table to write a proportion.
umka21 [38]

Answer:

it's probably ours it's just a lucky guess

Step-by-step explanation:

7 0
2 years ago
The area of the shaded region is 20 cm. Find the value of x
dolphi86 [110]
If you could put more info ab this then i would understand what u want me to put
3 0
2 years ago
How many vertices does a pentagonal prism have?​
Gala2k [10]

Answer: I think it has 10 vertices

Step-by-step explanation:

5 0
2 years ago
Read 2 more answers
Other questions:
  • What is the type of conic section given by the equation x^2 - 9y^2 = 900 and what is the domain and range?
    11·1 answer
  • Six times the sum of a number and negative four is twelve. Find the number. Round your answer to the nearest integer, if necessa
    14·1 answer
  • What is the least common denominator of the expressions?<br> x + 1/4x and 3(X + 1)/2x2​
    12·1 answer
  • Are the triangles below similar? How do you know? Select one: a. yes, by AA~ b. yes, by SSS~ c. no d. yes, by SAS~ Have a good d
    15·1 answer
  • How is multiplying two decimals different from multiplying one decimal by a whole number?
    12·1 answer
  • What is the probability of getting either a sum of 5 or at least one 6 in the roll of a pair of​ dice?
    13·1 answer
  • What is -3y-y equal to
    6·2 answers
  • How many cups are equivalent to 2 gallons​
    9·2 answers
  • This is a 2 answer question
    11·1 answer
  • What is 5 divided by 2549
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!