Answer:
Amount that Brian has after 2 years = £6932.53
Step-by-step explanation:
To find, the amount that Brian will have after 2 years:
Formula for amount where compound interest is applicable:
[tex]A = P \times (1+\dfrac{R}{100})^t[/tex]
Where A is the amount after t years time
P is the principal.
R is the rate of interest.
In the question, we are given the following details:
Principal amount,P = £6300
Rate of interest,R = 4.9%
Time,t = 2 years
Putting the values in formula:
[tex]A = 6300 \times (1+\dfrac{4.9}{100})^2\\\Rightarrow 6300 \times (\dfrac{104.9}{100})^2\\\Rightarrow 6932.53[/tex]
Hence, Amount that Brian has after 2 years = £6932.53
