20ChoudharyT 20ChoudharyT

23-04-2021
Mathematics

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Colin invests £1500 into a savings account. The bank gives 4% compound interest for the first 3 years and 5% thereafter. How much will Colin have after 4 years to the nearest pound?

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kobeluke0 kobeluke0

23-04-2021

1500(1+0.04)^3 = 1687.30

1687.30(1+0.05) = 1771.67 to the nearest pound: 1772

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