Wildnatxox
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is this right I can never understand simple and compound interest. Attachment 731184
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Y12_FurtherMaths
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(Original post by Wildnatxox)
is this right I can never understand simple and compound interest. Attachment 731184
This is correct yes but it is asking you for the total interest Harry earns (excluding his original investment). So his interest for the first year is £200, multiply that be 3 since 3 years so £600 is his total interest earnings. If it was compound interest then you would do 5000* 1.04^3 which gives you 5624.32 so his total interest earnings would be 624.32.
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