SOLUTION: Brian invests £1200 into a savings account. The bank gives 3% compound interest for the first 2 years and 5% thereafter. How much will Brian have after 6 years to the nearest poun

Question 1137900: Brian invests £1200 into a savings account. The bank gives 3% compound interest for the first 2 years and 5% thereafter. How much will Brian have after 6 years to the nearest pound?

Answer by dkppathak(439) (Show Source): You can put this solution on YOUR website!
Brian invests £1200 into a savings account. The bank gives 3% compound interest for the first 2 years and 5% thereafter. How much will Brian have after 6 years to the nearest pound?
solution
amount after 6 yrs
A=1200x1.03x1.03x1.05x1.05x1.05x1.05=1547.43
by using A=p(1+r)^2(1+r)^4
answer 1547.43 pounds approx
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