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bija089 [108]
3 years ago
6

Colin invests £3900 into his bank account.

Mathematics
1 answer:
zloy xaker [14]3 years ago
4 0

Answer:

Colin will have 421824 pennies after 2 years

Step-by-step explanation:

Given:

Amount invested in bank by Colin (P) = £3900

Rate of interest (r) = 4%

Time period (n) = 2 years

To find: Amount after 2 years (A)

Solution:

Formula for amount (A) is A=P\left ( 1+\frac{r}{100} \right )^n

A=3900\left ( 1+\frac{4}{100} \right )^2\\=3900\left ( 1+\frac{1}{25} \right )^2\\=3900\times \frac{26}{25}\times \frac{26}{25}\\=4218.24

As 1 pound = 100 pennies,

4218.24 pounds = 4218.24 × 100 = 421824 pennies

So,

Colin will have 421824 pennies after 2 years.

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