I have a question that I did but I can't find the answer to it. I was wondering if someone could tell me if my answer is correct.The question is: Cameron invests £1200 for 3 years in a savings account. He gets 4.1% per annum simple interest.Mitchell invests £1200 for 3 years in a savings account. He gets 4% per annum compound interest. Who will have the most money in his savings account at the end of the 3 years?My answer is Mitchell, with a £2.24 difference. Is that correct? Thanks.
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Maths Simple/Compound Interest Q watch
- Thread Starter
- 28-02-2018 17:11
- 28-02-2018 20:04