What is the value of an investment of £4500 with compound interest of 1.3% after six years?

We solve this by multiplying the starting value, £4500 , by 1 + {the interest rate expressed as a decimal} , or in this case, 1 + 0.013 . This gives us £4500 x 1.0136 and when we type this into our calculator, we get £4,862.607168... but when dealing with money we only ever work to two decimal places, making this £4862.61

MC
Answered by Mark C. Maths tutor

2909 Views

See similar Maths GCSE tutors

Related Maths GCSE answers

All answers ▸

Write 0.72727272 as a fraction in its simplest form


Solve 7(x-5)=25-3x


If 5x + 3y = 27 and 6x - 2y = 10, find x and y


The probability of getting heads on a biased coin is 0.8. You flip the coin twice. What is the probability of getting one each of heads and tails?


We're here to help

contact us iconContact usWhatsapp logoMessage us on Whatsapptelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

© MyTutorWeb Ltd 2013–2025

Terms & Conditions|Privacy Policy
Cookie Preferences