SOLUTION: Dan invests £2200 into a savings account. The bank gives 5% compound interest for the first 3 years and 4% thereafter. How much will Dan have after 7 years to the nearest pound?
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Question 1012357: Dan invests £2200 into a savings account. The bank gives 5% compound interest for the first 3 years and 4% thereafter. How much will Dan have after 7 years to the nearest pound? Answer by fractalier(6550) (Show Source):
You can put this solution on YOUR website! This can be found by expressing it this way, calling the amount A,
A = (2200(1.05)^3)*(1.04)^4 = 2979.37 pounds or 2979 pounds to the nearest pound.
