Question

18 POINTS

Dan invests £11000 into a savings account. The bank gives 3.9% compound interest for the first 3 years and 4.5% thereafter. How much will Dan have after 7 years to the nearest pound?

Answer 1

Answer:1

14713.11

Explanation:

first 3: a=11000(1+0.039)^3 = 12337,85

7th year= 12337.85(1+0.045)^4=14713.11