percentage change

[tepid quest]

Bradley takes out a loan of £700.
It gains compound interest at a rate of
24% per year.
How much money will Bradley owe
after 12 years?
Give your answer in pounds (£) to
the nearest 1p.

[karmic swan]

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[ocean garnet]

If the initial sum is N0 and each year it changes by a fraction p, then the sum at year n is:
N(n) = N0 (1 + p)^n

[tepid quest]

I’ve never learnt it that way before 😭

[ocean garnet]

Really? Huh, that's odd.

[tepid quest]

Yeah it’s killing me I have my exam tmo and this is 100 percent coming up I have no idea what to do lmao

[ocean garnet]

Well, calculate N(12).

[tepid quest]

From the method I use I got £9250.35 but online it’s saying he owes like £5383.08

[ocean garnet]

Well, I agree with the first. Not sure how the resource you found calculates it.

[tepid quest]

I emailed my maths teacher about it like 5 minutes ago and he just replied saying that I got it right so I’m just going to completely ignore whatever it said on safari 😭

[ocean garnet]

Oh. Well, nice!

[forest thorn]

100%+24% = 124%\100 = 1.24 700x1.24^12 = £9250.35