Question

Find the final value if £10500 is
invested for 5 years at 6.6% p.a.

Answer 1

To find the final value of an investment, use the formula: Final Value = Initial Value × (1 + r/100)^n, where r is the interest rate per annum and n is the number of years. Calculating the given values will yield the final value of the investment.

Step-by-step explanation:

To find the final value of an investment, we can use the formula:

Final Value = Initial Value imes (1 + rac{r}{100})^n

where:

• Initial Value is the amount invested (£10,500)
• r is the interest rate per annum (6.6%)
• n is the number of years (5)

Using the given values, we have:

Final Value = £10,500 imes (1 + rac{6.6}{100})^5

Calculating this gives us the final value of the investment.

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