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Dan invests £800 into his bank account.
He receives 5% per year compound interest.
How much will Dan have after 4 years?
Give your answer to the nearest penny where appropriate.

Respuesta :

saadatk

Answer:

£972.41

Step-by-step explanation:

[tex]A=P(1+\frac{r}{100})^n[/tex]                    

A = Amount after n years = ?

P = Principal amount = £800

r = interest rate = 5%

n = time for which the money was invested =  4 years

∴ A = 800 (1 + 5/100)⁴

      = £972.41

Hope this helps!

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