contestada

Kitty has invested £5500 for 3 years in a savings account. She is paid 6% per annum compound interest. How much did she have in her savings account at the end of the 3 years?

Respuesta :

MrRoyal

The value of her investment at the end of 3 years is £10955.08

How to determine the value?

The given parameters are

  • Principal, P = £5000
  • Rate, r = 6%
  • Time, t = 3 years

The value is then calculated as:

Value = P * P(1 + r)^t

So, we have:

Value = 5000 + 5000 * (1 + 6%)^3

Evaluate the expression

Value = 10955.08

Hence, the value of her investment at the end of 3 years is £10955.08

Read more about compound interest at:

brainly.com/question/24924853

#SPJ1

Otras preguntas