Dan invests £8200 into his bank account. He receives 2% per year compound interest. How much will Dan have after 7 years? Give y our answer to the nearest penny where appropriate
2 answers:
Answer:
9509.32
Explanation:
After 1 Year = 8444
After 2 Years = 8612.88
After 3 Years ≈ 8785.14
After 4 Years ≈ 8960.84
After 5 Years ≈ 9140.06
After 6 Years ≈ 9322.86
After 7 Years ≈ 9509.32
Answer:
£9348
Explanation:
S.I. = prt/100 = 8200 × 2 × 7/100 = £1148
Amt. He will get = principal + S.I. = £(8200+1148) = £9348
=£9348
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