Sally invests £8000 in a savings account. The account pays 2.8% compound interest per year.
Work out the value of her investment after 4 years.
Give your answer to the nearest penny.

£8934.34

Step-by-step explanation:

rounding to 2dp

if trunctuated at 2dp however, 8934.33

the number is multiplied by 1.028 to the power of four as you go through the equation four times, so it would be the same as

x * n * n * n * n, where it would simplify to x * n^4

2.83941151 would be the answer you're looking for! : )

step-by-step explanation:

the multiplicative inverse of a fraction a/b is b/a. for the multiplicative inverse of a real number, divide 1 by the number. for example, the reciprocal of 5 is one fifth 1/5 or 0.2, and the reciprocal of 0.25 is 1 divided by 0.25, or 4.