Colin invests £2350 into a savings account. The bank gives 4.2% compound interest for the first 4 years and 4.9% thereafter. How much will Colin have after 10 years to the nearest pound?

3691 pounds

Step-by-step explanation:

Given: Colin invests £2350 into a savings account. The bank gives 4.2% compound interest for the first 4 years and 4.9% thereafter

To find: Amount that Colin will have after 10 years

Solution:

Let P, r, n denotes principal, rate of interest and time period

For the first 4 years:

Total amount after 4 years =

For the next 6 years:

Total amount after 6 years =

college