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Ray invests £9000 in a savings account.
The account pays 2.4% compound interest per year.
Work out the value of his investment after 4 years.
Give your answer to the nearest penny.

Respuesta :

gilbertazavedo72

Answer: £9895.60

Step-by-step explanation:

Assuming, interest is compounded annually.

A = p(1+r/n)^nt

A= 9000(1+0.024)^4

A = 9000(1.09951)

A = 9895.60

Answer:

[tex]A=9895.60[/tex]

Step-by-step explanation:

[tex]A = P(1 + \frac{r}{n})^{nt}[/tex]

[tex]A = 9000(1 + \frac{24}{1000})^{4}[/tex]

[tex]A=9895.60[/tex]

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