Question

Brian invests £6300 into his bank account.

Answer 1

Answer:

Amount that Brian has after 2 years = £6932.53

Step-by-step explanation:

To find, the amount that Brian will have after 2 years:

Formula for amount where compound interest is applicable:

$A = P \times (1+\dfrac{R}{100})^t$

Where A is the amount after t years time

P is the principal.

R is the rate of interest.

In the question, we are given the following details:

Principal amount,P = £6300

Rate of interest,R = 4.9%

Time,t = 2 years

Putting the values in formula:

$A = 6300 \times (1+\dfrac{4.9}{100})^2\\\Rightarrow 6300 \times (\dfrac{104.9}{100})^2\\\Rightarrow 6932.53$

Hence, Amount that Brian has after 2 years = £6932.53