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
SH
Related Maths GCSE answers
All answers ▸Solve x^3 - 25 = 103 - x^3
Write 156 as a product of its prime factors.
In a tennis club, there are twice as many male members as female members. 1/3 of the males wear hats when they play. 1/4 of the females wear hats when they play. 66 members wear hats. How many members does the club have?
A triangle has sides of 4cm and 5cm with the hypotenuse unknown. What is the length of the unknown side?