SOLUTION: Dan invests £11000 into a savings account. The bank gives 3.9% compound interest for the first 3 years and 4.5% thereafter. How much will Dan have after 7 years to the nearest pou

Question 1134402: Dan invests £11000 into a savings account. The bank gives 3.9% compound interest for the first 3 years and 4.5% thereafter. How much will Dan have after 7 years to the nearest pound?

Answer by mathsolverplus(88) (Show Source): You can put this solution on YOUR website!
Formula:
A = Final amount
P = initial amount
r = interest rate per year
t = number of years
For the first three years:

For the following four years:

Rounded to the nearest pound.

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