Louis invested £2950 in a savings account for 5 years.
He was paid 1.9% per annum compound interest for each of the first 4 years.
He was then paid R% interest for the fifth year.
Louis had £3257 in his savings account at the end of the 5 years.
Work out the value of R.
Give your answer correct to 1 decimal place.​

Answers

Answer 1

Answer:

2.4%

Step-by-step explanation:

Answer 2

The value of R is, 2.4%

What is Simple interest?

A quick and easy method of calculating the interest charge on a loan is called a Simple interest.

Given that;

Louis invested £2950 in a savings account for 5 years.

He was paid 1.9% per annum compound interest for each of the first 4 years.

And, He was then paid R% interest for the fifth year.

Louis had £3257 in his savings account at the end of the 5 years.

Here, We know that;

⇒ Compound interest formula = Capital × (1 + r%) ⁿ

Where, n is time in years.

So, We can formulate;

⇒ £2950 × (1 + 0.019)⁴

⇒ £3180.67

And, For calculate R;

⇒ £3180.67 × (1 + R%)⁵ = £3257

⇒ R = 2.4%

Learn more about the simple interest visit;

https://brainly.com/question/2294792

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Step-by-step explanation:

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Answer:  127 (choice D)

=========================================================

Explanation:

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Step-by-step explanation:

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Answers

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The length the length and width of the rectangle be l and b.

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Answers

Answer:

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Step-by-step explanation:

9^2-6^2

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Step-by-step explanation:

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Answer:

Step-by-step explanation:

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====================

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Answers

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Step-by-step explanation:

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Answer:

Step-by-step explanation:

Let's solve your equation step-by-step.

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Step-by-step explanation:

Answer:

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Step-by-step explanation:

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