Mathematics: colin invests £3300 into his bank account. he receives 3% per year compound interest. how much will colin have after 4 years? give your answer to the nearest penny where appropriate.

hope this answer helps the answer_1_0_0Step-by-step explanation:...

colin invests £3300 into his bank account. he receives

coolman5999alt

16.01.2022

$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;

$A=P(1+(\frac{R}{100})^n$ where A is the amount, P is the principal , r is the rate of interest and n is the time taken.

Therefore;

$Amount=3300(1+(\frac{3}{100})^4\\ = 3300(1.03)^4\\ = 3300(1.1255)\\ = 3,714.179$

= $3714.18

Therefore, the amount accrued after 4 years is $3714.18

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