Compound interest

+5

568

1

Matthew invests some money in a building society.

His money earns 5% compound interest every year. He wants it to be worth at least £9000 at the end of 3 years.

What is the smallest amount he can invest?

Guest Oct 7, 2015

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1⁺⁰ Answers

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He must invest today 7,774.54 to have 9,000 pounds in 3 years @ 5% interest.

Guest Oct 8, 2015

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