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3 years ago

Mark invests £2000 on an account that gives 4% compound interest.what will the value of his investment be after 6 years

Mathematics

1 answer:

I am Lyosha [343]3 years ago

8 0

Answer: £2530.64

Step-by-step explanation:

The formula for calculating amount is given as :

A = P $(1+r)^{n}$

Where :

A = amount

P = principal

r = rate%

n = number of years

Substituting the values of each into the equation we have

A = 2000 $(1+0.04)^{6}$

A = 2000 ( $1.04^{6}$ )

A = 2530.638037

A ≈ £2530.64

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