SOLUTION: Colin invests £1500 into a savings account. The bank gives 4% compound interest for the first 3 years and 5% thereafter. How much will Colin have after 4 years to the nearest pou

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Question 1094004:
Colin invests £1500 into a savings account. The bank gives 4% compound interest for the first 3 years and 5% thereafter. How much will Colin have after 4 years to the nearest pound?

Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
For the 1st 3 yrs:
+A+=+1500%2A%28+1+%2B+.04+%29%5E3+
+A+=+1500%2A1.1249+
+A+=+1687.35+
-----------------------
For the 4th year:
A+=+1687.35%2A1.05%5E1+
+A+=+1771.72+
-------------------
After 4 yrs, she has $1,771.72
check the math