Invested amount (P0 = £6000.
Rate of interest (r) = 3.4% = 0.034.
We know compound interest formula
A = P(1+r)^t
We need work out the value of his investment per year.
So, we need to plug t=1 and plugging values of P and r in the formula above, we get
A = 6000(1+0.034)^1
A = 6000(1.034)
A = 6204.
<h3>Therefore, the value of his investment per year is £ 6204.</h3>
Now, we need to work out the value of his investment after 3 years.
So, we need to plug t=3.
A = 6000(1+0.034)^3
A = 6000(1.034)^3
1.034^3=1.105507304
A = 6000 × 1.105507304
A = 6633.04
<h3>Therefore, the value of his investment after 3 year is £ 6633.04.</h3>
