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alina1380 [7]
3 years ago
6

Kyle invests £48 000 in an account that pays 3.1 percent compound interest per annum. Work out how much money Kyle will have in

his account in years.
Mathematics
1 answer:
tensa zangetsu [6.8K]3 years ago
3 0

Answer:

(If compounded annually)

(first 5 years)

1 year = 48,000(1.031)¹ = £49,488.00

2 years = 48,000(1.031)² = £51,022.13

3 years = 48,000(1.031)³ = £52,603.81

4 years = 48,000(1.031)⁴ = £54,234.53

5 years = 48,000(1.031)⁵ = £55,915.80

Step-by-step explanation:

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

money Kyle will have in his account in x years if compounded annually (once per year) per annum (every year) =

48,000(1 + 3.1%/1)^1x = 48,000(1.031)^x

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Hello from MrBillDoesMath!

Answer:

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Discussion:

As  5 * 5 = 25 the Questions asks us to evaluate

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Thank you,

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5 0
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Can someone help me? I figured out part B however, I am struggling with part A and I would be so happy if any of you helped me.
UkoKoshka [18]
<h3>Answer:  262,785</h3>

Note: you may need to delete the comma

============================================================

Explanation:

The info "5 months" is never used to compute the mean. We could easily replace it with "6 months" or "7 months" or any stretch of time, and still get the same answer. So we'll ignore this value.

What we'll do is add up the 21 items given to us, and then divide by 21.

Because there are so many values, and it's easy to get lost, I'm going to add up across the rows

  • Row One: 256,229+253,657+218,747+246,163+235,626+288,694 = 1,499,116
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Those subtotals then add up to this

1,499,116+1,586,126+1,591,076+842,147 = 5,518,465

This is the same as adding up all 21 values.

Finally, we divide that sum over 21 as there are 21 values in this list

(5,518,465)/21 = 262,784.047619048

That value then rounds up to 262,785

If your teacher just wanted things to the nearest whole number (without rounding up), then the answer would be 262,784

Side note: using a spreadsheet program would probably be the most efficient/fastest method for this type of problem.

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