GCSE Maths question (compound interest) Watch
Anil wants to invest £25,000 into a bank for 3 years
PERSONAL BANK - Compound Interest - 2% interest for each year
SECURE BANK - Compound Interest - 4.3% for the first year then 0.9% for each extra year.
Which bank will give Anil the most interest after 3 years
You must show your working.
This is very simple maths. I'll give you a start - the first one you multiply by 102% each year using the new total as the starting point for the next year's multiplication and so on.
The other one will be 104.3% once then 100.9% twice.