GCSE Maths question (compound interest) Watch

ScienceKing121
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Report Thread starter 2 years ago
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If someone could help. I'd be grateful :
Question :
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.
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the bear
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to increase by 5% for example over 8 years you would x 1.058
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nutz99
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Just google compound interest calculator and then you can work it out yourself. You won't learn if someone does it for you. I know which one gives the most interest just by looking at it.

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.
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