Dan invests £1200 into his bank account. He receives 5% per year compound interest. How much will dan have after5 years?
1 answer:
Answer:
Dan will have $1,531.53 after 5 years.
Step-by-step explanation:
To find the answer, you can use the following formula to calculate the future value:
F= P(1 + r)^t
F= Future value
P= Present value= 1200
r= rate of interest= 5%
t= time= 5
F=1200(1+0.05)^5
A=1200(1.05)^5
A=1531.53
According to this, the answer is that Dan will have $1,531.53 after 5 years.
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