charleycorrigan2005 charleycorrigan2005
  • 17-01-2020
  • Mathematics
contestada

Mark invests £2000 on an account that gives 4% compound interest.what will the value of his investment be after 6 years

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bayosanuade
bayosanuade bayosanuade
  • 17-01-2020

Answer: £2530.64

Step-by-step explanation:

The formula for calculating amount is given as :

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

Where :

A = amount

P = principal

r = rate%

n = number of years

Substituting the values of each into the equation we have

A = 2000[tex](1+0.04)^{6}[/tex]

A = 2000 ([tex]1.04^{6}[/tex])

A = 2530.638037

A ≈ £2530.64

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