Question

Work out the balance for £720 invested for 4 years at 5% per annum

Answer 1

i know you asked this question ages ago but if you do 720 ×
`1.05^(4)` it will equal 875.1645 and therefore £875.16

Answer 2

Amount of Interest (I) = P * R * T /100
I = 720 * 5 * 4 /100
I = 144

Balance = Initial amount + Interest amount
B = 720 + 144 = 864

In short, Your Answer would be £864