Question

Brian invests £4700 into his bank

Answer 1

Answer:

$5518.93

Step-by-step explanation:

Compound interest formula:

$A=P(1+\frac{r}{n})^{nt}$

where P is the principal (starting amount), r is the interest rate, n is the number of times compounded per year, and t is the time in years.

The known variables are:

• P = $4700
• r = 5.5%
• n = 1
• t = 3

Plug those 4 into the equation now and solve for A:

$\rightarrow A=4700(1+0.055)^3\\\rightarrow A=4700(1.055)^3\\\rightarrow A=4700\times1.1742\\\rightarrow A=5518.9345$