To calculate the amount Andy will have in his savings account at the end of 2 years, we need to 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 rate (in decimal)
n = number of times that interest is compounded per year
t = time the money is invested for in years

In this case:
P = £4500
r = 3.4% or 0.034 (in decimal)
n = 1 (interest is compounded once per year)
t = 2 years

Substituting these values into the formula, we get:

A = £4500 (1 + 0.034/1) ^ (1*2)
A = £4500 (1 + 0.034) ^ 2
A = £4500 * 1.034 ^ 2
A = £4500 * 1.069156
A = £4806.20

So, Andy will have £4806.20 in his savings account at the end of 2 years.

Question

To calculate the amount Andy will have in his savings account at the end of 2 years, we need to 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 rate (in decimal)
n = number of times that interest is compounded per year
t = time the money is invested for in years

In this case:
P = £4500
r = 3.4% or 0.034 (in decimal)
n = 1 (interest is compounded once per year)
t = 2 years

Substituting these values into the formula, we get:

A = £4500 (1 + 0.034/1) ^ (1*2)
A = £4500 (1 + 0.034) ^ 2
A = £4500 * 1.034 ^ 2
A = £4500 * 1.069156
A = £4806.20

So, Andy will have £4806.20 in his savings account at the end of 2 years.

Knowee AI · Accepted Answer

To calculate the amount Andy will have in his savings account at the end of 2 years, we need to 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 rate (in decimal)
n = number of times that interest is compounded per year
t = time the money is invested for in years

In this case:
P = £4500
r = 3.4% or 0.034 (in decimal)
n = 1 (interest is compounded once per year)
t = 2 years

Substituting these values into the formula, we get:

A = £4500 (1 + 0.034/1) ^ (1*2)
A = £4500 (1 + 0.034) ^ 2
A = £4500 * 1.034 ^ 2
A = £4500 * 1.069156
A = £4806.20

So, Andy will have £4806.20 in his savings account at the end of 2 years.

Andy invest £4500 in saving account for 2 years. Account pays compound interest at a rate of 3.4% per year. How much he have in saving account at the end of 2 year

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