Harry invests £6000 in a savings account. the account pays 3.4%compound interest per year. work out the value of his investment after 3 year's. give your answer to the inerest penny

The amount after 3 years in the account will be £6633.04 and the interest earned is £633.04.

Given:

The amount that is invested is .

The rate of interest is r=3.4% or 0.034 anually.

The time of holding the balance is t=3 years.

The bank pays compound interest to the invested amount per year.

So, the amount after 3 years in the account will be,

The interest earned in 3 years will be,

Therefore, the amount after 3 years in the account will be £6633.04 and the interest earned is £633.04.

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The value of his investment after 3 years £6633.04.

Step-by-step explanation:

We know that , the formula to find the accumulated amount after t years at a rate of r% compounded per year , is given by :-

, where P= Principal value.

As per given , we have

P =  £6000

r= 3.4%=0.034

t= 3 years

Now , the total value of his investment after three years will be :-

Hence, the value of his investment after 3 years £6633.04.

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step-by-step explanation: