Northern Bank has two types of account. Both accounts pay compound interest. Cash savings account: Interest 2.5% per annum Shares account: Interest 3.5% per annum Ali invests £2000 in the cash savings account. Ben invests £1600 in the shares account.

Q: Northern Bank has two types of account. Both accounts pay compound interest. Cash savings account: Interest 2.5% per annum Shares account: Interest 3.5% per annum Ali invests £2000 in the cash savings account. Ben invests £1600 in the shares account. (a) Work out who will get the most interest by the end of 3 years. You must show all your working.Answer: Convert each percentage into a decimalWork out interest for Ali using formula for compound interestWork out interest for Ben Compare figures

SB
Answered by Simran B. Maths tutor

6031 Views

See similar Maths GCSE tutors

Related Maths GCSE answers

All answers ▸

Judy bought a car for £12,000. She bought the car 4 years ago. Each year the car depreciated by 10%. How much was is the car worth now?


Determine the nature of the roots of the quadratic equation x^2 + 6x + 8 = 0, and plot the graph of this function.


Solve: 2x^2 + x = x^2 - 4(x+1)


y= 6x + 2, Find the gradient of the line and the y-intersect


We're here to help

contact us iconContact usWhatsapp logoMessage us on Whatsapptelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

© MyTutorWeb Ltd 2013–2025

Terms & Conditions|Privacy Policy
Cookie Preferences