Max invests £2000 and gets 2.5% compound interest per year. Jade invests £1600 and gets 3.5% compound interest per year. Work out who will get the most interest by the end of 3 years.
To calculate the interest for Max we need to do 2000 multiplied by 1.0253To calculate the interest for Jade we need to do 1600 multiplied by 1.0353At the end of the three years, Max will have £2153.78 which means he will have received £153.78 of interest. For Jade, she will have £1773.95 which means she will have received £173.95 of interest.
Therefore, Jade will receive the most interest at the end of the three years.
TD
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