Colin invests £4800 into his bank account.
he receives 3% per year compound interest.
how much will colin have after 7 years?
give your answer to the nearest penny where appropriate.

$5903.39

Step-by-step explanation:

This can be solve using compound interest formula. The formula is:

Where

F is the future amount (what we are looking for)

P is the present amount (which is 4800)

r is the rate of compound interest per year, in decimal (3% per year, 3/100 = 0.03)

t is the time in years ( t = 7)

Now we substitute these values into the formula and find F:

So, Colin would have $5903.39 after 7 years, in his account.

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