Adam invests £450 into an account that pays 3.25% compound interest per year.Work out how much Adam will have in the account after 24 years.

Question

Adam invests £450 into an account that pays 3.25% compound interest per year.Work out how much Adam will have in the account after 24 years.
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Solution 1

To calculate the amount Adam will have in his account after 24 years, we will use the formula for compound interest which is:

A = P (1 + r/n) ^ nt

Where: A = the amount of money accumulated after n years, including interest. P = principal amount (the initial amount of money) r = annual interest ra Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob

Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv

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