Henry invest £8000 in youtube at a compound interest rate of 2% per year. He wants to earn more than £500 interest. Work out the least time, in whole years, that this would take?

Each year his money will increase by 2%, meaning he will get 102% of his money from the previous year. This can be written as 1.02. After n years, he will make 8000 x 1.02 n. Calculate this for 1, 2, 3, 4... years up until he has made £500: 8000x1.021 = 8160 (he has made £160), 8000x1.022= 8323.2 (he has made £323.20), 8000x1.023 = 8489.66 (he has made £489.66), 8000x1.024 = 8659.46 (he has made £659.46). Thus he must invest for 4 years.

GL
Answered by Gillian L. Maths tutor

4099 Views

See similar Maths GCSE tutors

Related Maths GCSE answers

All answers ▸

Solve: x^2 + y^2 = 25 y - 3x = 13


solve the simultaneous equations: 2x-3y = 16 and x + 2y = - 6


How do I solve a simultaneous equation?


At a football game number of men : number of women : number of children = 13 : 5 : 7 There are 4152 more men than women. Work out the number of children at the game.


We're here to help

contact us iconContact ustelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

MyTutor is part of the IXL family of brands:

© 2026 by IXL Learning