Answer:
£ 6,564.70
Step-by-step explanation:
Henry places £6000 in an account which pays 4.6% compound interest each year. Calculate the amount in his amount after 2 years
Compound Interest formula =
A = P(1 + r/n)^nt
A = Final Amounrt
P = Principal = £6,000
r = Interest rate = 4.6%
t = Time in years = 2 years
n = Compounding frequency = Yearly = 1
First, convert R percent to r a decimal
r = R/100
r = 4.6%/100
r = 0.046 per year,
Then, solve our equation for A
A = P(1 + r/n)^nt
A = 6,000.00(1 + 0.046/1)^(1×2)
A = £ 6,564.70
The amount in his account after 2 years = £ 6,564.70
