5 of 9 Colin invests £4300 into his bank account. He receives 4% per year compound interest. How much will Colin have after 3 years? Give your answer to the nearest penny where appropriate.

£4836.92

Step-by-step explanation:

Compound interest can be calculated using the formula:

A = P (1 + r)^t

Where A = Amount that will be obtained after the period

P= Principal amount initially invested by Colin

r = interest rate per year

t = number of period the amount will be invested for in years.

Thus, according to the analysis of the parameters above; A= ?, P= £4300, r = 4% (0.04), t= 3 years

We input the values into the formula, we have

A = 4300 (1 + 0.04) ^ 3

A = 4300 (1.04)^3

A = 4300 × (1.04 × 1.04 × 1.04)

A = 4300 × 1.12486

A = 4836.9152

Therefore, approximately, the amount that will be obtained by Colin after 3 years is £4836.92.

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step-by-step explanation: