Answer: The value of his investment after 3 years £6633.04.
Step-by-step explanation:
We know that , the formula to find the accumulated amount after t years at a rate of r% compounded per year , is given by :-
[tex]A=P(1+r)^t[/tex] , where P= Principal value.
As per given , we have
P = £6000
r= 3.4%=0.034
t= 3 years
Now , the total value of his investment after three years will be :-
[tex]A=6000(1+0.034)^3\\\\=6000(1.034)^3\\\\=6000(1.105507304)\\\\=6633.043824\approx6633.04[/tex]
Hence, the value of his investment after 3 years £6633.04.
The amount after 3 years in the account will be £6633.04 and the interest earned is £633.04.
Given:
The amount that is invested is [tex]I=6000[/tex].
The rate of interest is r=3.4% or 0.034 anually.
The time of holding the balance is t=3 years.
The bank pays compound interest to the invested amount per year.
So, the amount after 3 years in the account will be,
[tex]A=I(1+r)^t\\A=6000\times(1+0.034)^3 \\A=6633.04[/tex]
The interest earned in 3 years will be,
[tex]6633.04-6000=633.04[/tex]
Therefore, the amount after 3 years in the account will be £6633.04 and the interest earned is £633.04.
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https://brainly.com/question/13155407
