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Harry invests 6000 in a savings account. The account pays 3.4% compound interest per year. Work out the value of his investment after three years. Give your answer to the neares…

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asked Feb 16, 2019 21.4k views

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Harry invests 6000 in a savings account. The account pays 3.4% compound interest per year. Work out the value of his investment after three years. Give your answer to the nearest penny

Mathematics
high-school

Markicevic asked

by Markicevic

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1 Answer

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6000* [(1+.034)^3]-1
6000* [((1.034)^3)-1-]
6000* [1.105507304-1]
6000* .105507304
6,633.043824
rounded: 6633.04

Fabio Guerra answered Feb 23, 2019

by Fabio Guerra

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Harry invests 6000 in a savings account. The account pays 3.4% compound interest per year. Work out the value of his investment after three years. Give your answer to the neares…

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