Question

Alex invests £3175 for n years into a savings account.

Alex was paid 2.75% per annum compound interest.

At the end of the n years Alex had £4641.83 in the savings account.

Work out the value of n.

Answer 1

n = 14

Explanation:

3175(1+2.75%)^n=4641.83 we input this in the calculator and we get n = 14