calculating interest rate- GCSE math Watch

chloewilliams3
Badges: 5
Rep:
?
#1
Report Thread starter 3 years ago
#1
I am studying compound interest atm but not sure how to calculate to find the actual interest rate? For example in this question :

compound interest is paid for two years and there is £5280.92 in the account. After three years there is £5597.78 in the account

A) what is the interest rate?
B) what amount of money was originally invested into the account

I'm really struggling with math so if anyone could help that would be great,thanks
0
reply
Aklaol
Badges: 12
Rep:
?
#2
Report 3 years ago
#2
(Original post by chloewilliams3)
I am studying compound interest atm but not sure how to calculate to find the actual interest rate? For example in this question :

compound interest is paid for two years and there is £5280.92 in the account. After three years there is £5597.78 in the account

A) what is the interest rate?
B) what amount of money was originally invested into the account

I'm really struggling with math so if anyone could help that would be great,thanks
5597.78/5280.92
≈ 1.06
≈ 6%
0
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Back
to top
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

University open days

  • The University of Law
    Solicitor Series: Assessing Trainee Skills – LPC, GDL and MA Law - Exeter campus Postgraduate
    Thu, 27 Feb '20
  • University of East Anglia
    PGCE Open day Postgraduate
    Sat, 29 Feb '20
  • Edinburgh Napier University
    Postgraduate Drop-in Brunch Postgraduate
    Sat, 29 Feb '20

Do you get study leave?

Yes- I like it (274)
60.89%
Yes- I don't like it (22)
4.89%
No- I want it (120)
26.67%
No- I don't want it (34)
7.56%

Watched Threads

View All