SOLUTION: Liam invests �6200 for 3 years in a savings account. He gets 2.5% per annum compound interest. How much money will Liam have in his savings account at the end of 3 years?

Question 826503: Liam invests �6200 for 3 years in a savings account. He gets 2.5% per annum compound interest. How much money will Liam have in his savings account at the end of 3 years?
Answer by josgarithmetic(39613) (Show Source): You can put this solution on YOUR website!
Compounded annually, so ;
P is balance at after time t,
I is initial balance for t=0
t is time in years

Let and calculate P.

RELATED QUESTIONS
Josh invests $50 weekly for 6 years in his savings account that has a 2.8% interest rate, (answered by Theo,ikleyn)

Momin plans to buy a house on cash instead of paying mortgage. He plans to set aside... (answered by Theo)

Brian invests �1200 into a savings account. The bank gives 3% compound interest for the... (answered by Fombitz)

Brian invests �1200 into a savings account. The bank gives 3% compound interest for the... (answered by reayarna)

Brian invests £1200 into a savings account. The bank gives 3% compound interest for the... (answered by dkppathak)

A clerk gets his first paycheck in the amount of $12500. He invests 40% in a fixed... (answered by ikleyn,josgarithmetic,MathTherapy)

A bank pays 3% compound interest per year. Jeremy invests $2 000. How much money will he... (answered by Cromlix)

Dan invests �2200 into a savings account. The bank gives 5% compound interest for the... (answered by fractalier)

Colin invests �1500 into a savings account. The bank gives 4% compound interest for the... (answered by addingup)