£3000 is invested at 4% compound interest per annum. What is the value of the investment after 3 years?
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Answer:
2
Step-by-step explanation:
First thing you gotta do is find the common denominator.
Do this by listing factors of the denominators:
5- 5, 10, 15, 20, 25, 30
6- 6, 12, 18, 24, 30, 36
5 and 6 both have 30 in common so that's the new denominator for all 3 of the terms.
What you do to the bottom you must do to the top.
Since you multiply 5 by 6 to get 30, you must multiply 2 and 4 by 6 as well.
Since you multiply 6 by 5 to get 30, then multiply 5 by 5 as well.
The new equation is:
+
+
=
Now add the numerators together
The solution is . Now simplify. 61 is prime, so you cannot change the fraction How many times does 30 go into 61? Two times. This gives us 2
.