Problem

Bryn takes out a loan of $£ 800$. This debt increases by $28 \%$ every year. How much money will Bryn owe after 14 years? Give your answer in pounds $(£)$ to the nearest $1 \mathrm{p}$.

Solution

Step 1 :Calculate the amount Bryn will owe after 14 years using the formula: \(Amount = Principal * (1 + Rate)^{Time}\)

Step 2 :Plug in the values: \(Amount = 800 * (1 + 0.28)^{14}\)

Step 3 :Calculate the amount: \(Amount = 25353.012004564596\)

Step 4 :Round the amount to the nearest pound: \(Amount = 25353\)

Step 5 :\(\boxed{25353}\) pounds is the amount Bryn will owe after 14 years

From Solvely APP
Source: https://solvelyapp.com/problems/30342/

Get free Solvely APP to solve your own problems!

solvely Solvely
Download