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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

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JeanaShupp

Answer: 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 :-

[tex]A=P(1+r)^t[/tex] , 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 :-

[tex]A=6000(1+0.034)^3\\\\=6000(1.034)^3\\\\=6000(1.105507304)\\\\=6633.043824\approx6633.04[/tex]

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

aksnkj

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 [tex]I=6000[/tex].

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,

[tex]A=I(1+r)^t\\A=6000\times(1+0.034)^3 \\A=6633.04[/tex]

The interest earned in 3 years will be,

[tex]6633.04-6000=633.04[/tex]

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

For more details, refer to the link:

https://brainly.com/question/13155407

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