Answer:
The nearest penny will be £9146.6
Step-by-step explanation:
A = P[1 + (r/n)]^(nt)
A = final amount
P = initial principal balance
r = interest rate
n = number of times interest applied per time period
t = number of time periods elapsed
A = 8300 [ 1 + {1.4 / (7*100)}]^(7*7)
A = 8300 [ 1 + {0.002}]^(49)
A= 8300 [ 1.002 ]^(49)
A = 8300 [ 1.102 ]
A = £9146.6
What is Compound Interest (CI) ?
Compound Interest is all about adding interest to principal amount of loan , deposit .