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3 years ago

Alex invests £3045 into an account that pays 2.25% compound interest per year.

Mathematics

1 answer:

Inessa [10]3 years ago

8 0

<h2>○=> <u>Correct answer</u> :</h2>

Money in Alex's account after 16 years = $\boxed{\bold{\color{plum}£4347.11}}$

<h3>○=> <u>Steps to derive correct answer</u> :</h3>

Money invested by Alex = £3045

Percentage of compound interest per annum = 2.25%

We know that :

$\tt \: \color{hotpink}A \color{plum} = P {(1 + \frac{r}{n} )}^{nt}$

In this case :

Principal = £3045

Rate = 2.25% = 0.0025

Number of times interest is compounded per year = 1

Time = 16 years

Which means :

Money Alex will have in the account after 16 years :

$= \tt3045 ({1 + \frac{ 0.0025}{1} })^{16}$

$\color{plum}= \tt £4347.11$

Therefore, the money in Alex's account after 16 years = £4347.11

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