SOLUTION: Colin invests £4800 into his bank account. He receives 3% per year compound interest. How much will Colin have after 7 years? Give your answer to the nearest penny where app

SOLUTION: Colin invests £4800 into his bank account. He receives 3% per year compound interest. How much will Colin have after 7 years? Give your answer to the nearest penny where app

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Question 1141322: Colin invests £4800 into his bank account.
He receives 3% per year compound interest.
How much will Colin have after 7 years?
Give your answer to the nearest penny where appropriate.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
this is 4800(1.03)^7 units pounds
=5903.39 pounds
Do the 1.03^7 first, don't round, then multiply by 4800.
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