H2-3/4h - Gauthmath

Trang chủ » H2-3/4h+ » H2-3/4h - Gauthmath

Có thể bạn quan tâm

Math Resources/Business/

Question

Archie invested an amount of money in a savings account that pays compound interest at a rate of 6% per annum. After 11 years there is £13,288.09 in the savings account (rounded to the nearest 1p). How much money did Archie initially invest? Give your answer to the nearest £1.SHOW LESS0

Solution

user avatar imageAnswer£7,000ExplanationStep 1: **Identify the formula** The compound interest formula is: A = P(1 + r/n)^{nt} Step 2: **Substitute given values** £13,288.09 = X(1 + 0.06)^11 Step 3: **Rearrange to solve for X** X = \frac{£13,288.09}{(1 + 0.06)^{11}} Step 4: **Calculate the denominator** (1 + 0.06)^{11} \approx 1.8983 Step 5: **Divide to find X** X = \frac{£13,288.09}{1.8983} \approx £7,000 Click to rate:45.1(71 votes)Search questionBy textBy image/screenshotDrop your file here orClick Hereto upload

Từ khóa » H2-3/4h+