Sep 11, 6:11:06 PM
1 answer:
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Answer:
£3263.98 (nearest penny)
Step-by-step explanation:
<u>Compound interest formula</u>
where:
- A = final amount
- P = principal
- r = interest rate (in decimal form)
- n = number of times interest applied per time period
- t = number of time periods elapsed
Given:
- P = £2900
- r = 3% = 0.03
- n = 1
- t = 4
Substituting given values into the formula and solving for A:
Therefore, Colin will have £3263.98 after 4 years (to the nearest penny).