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Reptile [31]
3 years ago
9

Brian invests £600 into his bank account. He receives 3.2% per year compound interest. How much will Brian have after 6 years? G

ive your answer to the nearest penny where appropriate.
Mathematics
1 answer:
Ivahew [28]3 years ago
8 0

Answer:

Step-by-step explanation:

We would apply the formula for determining compound interest which is expressed as

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

Where

A = total amount in the account at the end of t years

r represents the interest rate.

n represents the periodic interval at which it was compounded.

P represents the principal or initial amount deposited

From the information given,

P = £600

r = 3.2% = 3.2/100 = 0.32

n = 1 because it was compounded once in a year.

t = 6 years

Therefore,.

A = 600(1 + 0.032/1)^1 × 6

A = 600(1.032)^6

A = £724.82

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