Answer:
$3714.18
Step-by-step explanation:
From the question;
Amount invested is $3300
Rate of interest 3% per year compound interest
Time is 4 years
We want to determine the amount that accrued after 4 years
In this case we are going to use the compound interest formula;
That is;
[tex]A=P(1+(\frac{R}{100})^n[/tex]where A is the amount, P is the principal , r is the rate of interest and n is the time taken.
Therefore;
[tex]Amount=3300(1+(\frac{3}{100})^4\\ = 3300(1.03)^4\\ = 3300(1.1255)\\ = 3,714.179[/tex]
= $3714.18
Therefore, the amount accrued after 4 years is $3714.18
The amount in his bank account after 4 years is $3714.17.
Colin invests $3300 into his bank account.
He receives 3% per year compound interest.
How much will Colin have after 4 years?
According to the question
Colin invests $3300 into his bank account.
He receives 3% per year compound interest.
The amount in his bank account after 4 years is calculated by following formula;
[tex]\rm Amount=\left(P+\dfrac{r}{100}\right )^T[/tex]
Substitute all the value in the formula;
[tex]\rm Amount=P \left(1+\dfrac{r}{100}\right )^T\\ \\ \rm Amount=3300 \left(1+\dfrac{3}{100}\right )^4\\ \\ \rm Amount=3300 \left(1+0.03}\right )^4\\ \\ \rm Amount=3300 (1.03)^4\\ \\ \rm Amount=3300 \times 1.125\\ \\ Amount = 3714.17[/tex]
Hence, the amount in his bank account after 4 years is $3714.17.
To know more about Compound Interest click the link given below.
https://brainly.com/question/1288787
