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
