layladavis0307 layladavis0307
  • 02-12-2020
  • Mathematics
contestada

Dan invests £8200 into his bank account he receives 2% per year compound interest how much will Dan have after 7 years ?

Respuesta :

jimthompson5910 jimthompson5910
  • 02-12-2020

Answer:   £9419.22

================================================

Work Shown:

A = P*(1+r/n)^(n*t)

A = 8200*(1+0.02/1)^(1*7)

A = 9419.2224747241

A = 9419.22

Note: I assumed the bank is using annual compounding. The instructions didn't mention it, so that's why I went with n = 1. If your teacher or textbook mention otherwise, say monthly compounding, then you'll change n to n = 12. I would ask for clarification.

Answer Link

Otras preguntas

A reciprocal is a number that _____. A:when multiplied with the original number has a product of 1 B:when divided with the original number has a quotient of 1 C
allen runs 8 in 3 hours at a steady pace. how long does it take him to run 3 miles?
An arrow is shot upward. Its height h, in feet, is given b the equation h=-16t^2+32+5, where t is the time in seconds. How many seconds does it take until the a
What is the meaning of "SPL", "ASPL", and "PL" in Boy Scout of America?
What is this question MUST HELP
Pls help me idk this
Base your answer to the question on the information below and on your knowledge of chemistry. At 1023 K and 1 atm, a 3.00-gram sample of SnO2(s) (gram formula
Before the Europeans came, trade between Africa and the Middle East and India was controlled by: a. kingdoms b. pirates c. city-states
what is 92.583 rounded to the nearest tenth
What historical Kingdoms make up modern Day Spain's Flag and Coat of arms?