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 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 = £450
r = 3.25% or 0.0325 in decimal form
n = 1 (since the interest is compounded annually)
t = 24 years

Substituting these values into the formula, we get:

A = 450 (1 + 0.0325/1) ^ (1*24)
A = 450 (1 + 0.0325) ^ 24
A = 450 * 1.0325 ^ 24

Now, calculate the value of 1.0325 to the power of 24, then multiply the result by 450 to get the final amount.

A = 450 * (1.0325 ^ 24)
A = 450 * 2.094217123
A = £942.897705

So, Adam will have approximately £942.90 in his account after 24 years.

Question

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 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 = £450
r = 3.25% or 0.0325 in decimal form
n = 1 (since the interest is compounded annually)
t = 24 years

Substituting these values into the formula, we get:

A = 450 (1 + 0.0325/1) ^ (1*24)
A = 450 (1 + 0.0325) ^ 24
A = 450 * 1.0325 ^ 24

Now, calculate the value of 1.0325 to the power of 24, then multiply the result by 450 to get the final amount.

A = 450 * (1.0325 ^ 24)
A = 450 * 2.094217123
A = £942.897705

So, Adam will have approximately £942.90 in his account after 24 years.

Knowee AI · Accepted Answer

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 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 = £450
r = 3.25% or 0.0325 in decimal form
n = 1 (since the interest is compounded annually)
t = 24 years

Substituting these values into the formula, we get:

A = 450 (1 + 0.0325/1) ^ (1*24)
A = 450 (1 + 0.0325) ^ 24
A = 450 * 1.0325 ^ 24

Now, calculate the value of 1.0325 to the power of 24, then multiply the result by 450 to get the final amount.

A = 450 * (1.0325 ^ 24)
A = 450 * 2.094217123
A = £942.897705

So, Adam will have approximately £942.90 in his account after 24 years.

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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