kirstyxxx kirstyxxx

11-05-2020
Mathematics

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Franky puts £1000 in a bank account for six years with 2.5% rate of interest how much will be in the account at the end of that time

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VivianneRose VivianneRose

11-05-2020

Answer:

£1159.69

Step-by-step explanation:

Assuming that the rate of interest is compound interest, you perform the equation:

New amount = Original amount × InterestRate^Number of Years

New amount = 1000 × 1.025⁶

New amount = 1159.693418

= £1159.69 (to the nearest penny)

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