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    Harry invests £6000 into a savings account
    The account pays 3.4% compound interest

    What is his investment after 3 years, give your answer to the nearest penny
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    (Original post by Faiza.ii)
    Harry invests £6000 into a savings account
    The account pays 3.4% compound interest

    What is his investment after 3 years, give your answer to the nearest penny
    What have you been able to do so far? What are your thoughts on what to do?
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    (Original post by Y11_Maths)
    What have you been able to do so far? What are your thoughts on what to do?
    I’m not exactly sure as this is a new topic we are doing and my teacher just sent me these random questions xx
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    (Original post by Faiza.ii)
    I’m not exactly sure as this is a new topic we are doing and my teacher just sent me these random questions xx
    Ok well when you increase something by a percent you are wanting 100% of your original value plus the added % you want. So in this instance you are adding 3.4% to 100% so we have 103.4. This means our multiplier will be 1.034. It is wanting us to find his investment after 3 years to this will be how many times we multiply it (we can also write it as to the power of 3). So your calculation will be 6000(original investment) multiplied by 1.034(percentage increase) to the power 3(hence 3 years)

    So it will look like this on your calculator:
    6000*1.034^3
    Then round it as it says so in the question
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    (Original post by Y11_Maths)
    Ok well when you increase something by a percent you are wanting 100% of your original value plus the added % you want. So in this instance you are adding 3.4% to 100% so we have 103.4. This means our multiplier will be 1.034. It is wanting us to find his investment after 3 years to this will be how many times we multiply it (we can also write it as to the power of 3). So your calculation will be 6000(original investment) multiplied by 1.034(percentage increase) to the power 3(hence 3 years)

    So it will look like this on your calculator:
    6000*1.034^3
    Then round it as it says so in the question
    Thank you so much xx
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    (Original post by Faiza.ii)
    Thank you so much xx
    Welcome
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