Answer:
a. 1350
b. 4%
Step-by-step explanation:
here is the complete question :
Toni invests money into an account which pays a fixed rate of compound interest each year. The total value, £V, of her investment after t years is given by the formula:
V = 1350 x 1.04^t
Answer questions a & b
a - How much money did Toni invest in pounds
b - What rate of compound interest is paid each year
the formula for calculating compound interest is given by :
V = P (1 + r)^t
P = Present value -= amount invested = 1350
R = interest rate = 4%
N = number of years = t
i hope my answer helps you
