Question

. Toby invested £4500 for 2 years in a savings account. He was paid 4% per annum COMPOUND

Answer 1

Answer:

£4867.2

Step-by-step explanation:

Given data

P= £4500

T=2 years

R= 4%

The compound interest expression

A=P(1+r)^t

substitute

A= 4500(1+0.04)^2

A=4500(1.04)^2

A=4500*1.0816

A=£4867.2

Hence the balance is £4867.2