MYTUTOR SUBJECT ANSWERS

309 views

If I have £730 in my bank account which has 2.5% compound interest per year, how much more money will be in there after two years?

AFTER 1 YEAR: interest = £730 x 0.025 = £18.25

Rotal money in my account = £730 + £18.25 = £748.25.

AFTER 2 YEARS: interest = £748.25 x 0.025 = £18.706

Total money in my account = £766.96 (remember to round to the nearest penny)

ALTERNATIVELY:

£730 x (1.025)2 = £766.96

HOW MUCH MONEY HAVE I MADE?

Money after two years - money I put in = £766.96 - £730 = £36.96

Sally H. A Level Maths tutor, IB Maths tutor, GCSE Maths tutor, 11 Pl...

8 months ago

Answered by Sally, who has applied to tutor GCSE Maths with MyTutor


Still stuck? Get one-to-one help from a personally interviewed subject specialist

452 SUBJECT SPECIALISTS

£18 /hr

Martin S.

Degree: Economics (Bachelors) - Bristol University

Subjects offered: Maths, Economics+ 1 more

Maths
Economics
Accounting

“I am a second year economics undergraduate with an interest in maths. I believe that economics is a fascinating subject that is invaluable for personal development even if you aren’t going to pursue it in further education. The fact t...”

MyTutor guarantee

£18 /hr

Michael L.

Degree: Medicinal Chemistry (Masters) - Leeds University

Subjects offered: Maths, Science+ 1 more

Maths
Science
Chemistry

“I am currently in the penultimate year of my Masters degree in Medicinal Chemistry at the University of Leeds. At present, I'm averaging first class marks. Alongside my studies, I am a keen cyclist and am a cycling leader with Leeds R...”

MyTutor guarantee

£18 /hr

Aravin S.

Degree: Economics (Bachelors) - Bristol University

Subjects offered: Maths

Maths

“About Me: I am an economics student at Bristol University. I have always had a real passion and love for maths and hope that my tutorials will instil that love in you too. I am very patient and friendly. I have a lot of previous exper...”

MyTutor guarantee

About the author

£18 /hr

Sally H.

Degree: Physics (Bachelors) - Bristol University

Subjects offered: Maths, Physics+ 1 more

Maths
Physics
Further Mathematics

“About Me Hi, I'm Sally and I'm currently studying physics at the University of Bristol.  Degree level physics has given me not only an in-depth knowledge in the science but also strong skills in using maths not just for its own sake b...”

MyTutor guarantee

You may also like...

Posts by Sally

Find the magnitude of the force on an electron that is travelling with velocity 2 x 10^4 ms^(-1) in the x direction through a uniform magnetic field of strength 2T in the y direction.

If I have £730 in my bank account which has 2.5% compound interest per year, how much more money will be in there after two years?

Prove by induction that 11^n - 6 is divisible by 5 for all positive integer n.

Other GCSE Maths questions

How do I solve simultaneous equations when one of the equations is not linear?

Make X the subject of the equation (9x-7)/3 = 8y

How do you solve an equation with brackets?

Sam uses 140g of flour to make 12 cakes. How much flour will Sam need to make 21 cakes?

View GCSE Maths tutors

Cookies:

We use cookies to improve our service. By continuing to use this website, we'll assume that you're OK with this. Dismiss

mtw:mercury1:status:ok