Answer:
£562.43
Step-by-step explanation:
£500 is invested for 3 years at a rate of compound interest of 4% per annum how much will be in the account after three years
Given data
P= £500
t= 3 years
r= 4%
The expression for the compound interest is given as
A= P(1+r)^t
substitute
A= 500(1+0.04)^3
A= 500(1.04)^3
A= 500*1.124864
A= 562.432
Hence the final amount is £562.43
