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Natasha2012 [34]
3 years ago
6

cynthia invests some money in a bank which pays 5% compound interest per year. She wants it to be worth over £8000 at the end of

3 years. what is the smallest amount, to the nearest pound she can invest
Mathematics
1 answer:
exis [7]3 years ago
6 0

Answer:

The smallest amount is \£6,911

Step-by-step explanation:

we know that    

The compound interest formula is equal to  

A=P(1+\frac{r}{n})^{nt}  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

t=3\ years\\ A=\£8,000\\ r=5\%=5/100=0.05\\n=1  

substitute in the formula above

8,000=P(1+\frac{0.05}{1})^{1*3}  

solve for P

8,000=P(1.05)^{3}  

P=8,000/(1.05)^{3}  

P=\£6,910.70  

Round to the nearest pound she can invest

The smallest amount is \£6,911

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