Northern Bank has two types of account. Both accounts pay compound interest. Cash savings account: Interest 2.5% per annum Shares account: Interest 3.5% per annum Ali invests £2000 in the cash savings account. Ben invests £1600 in the shares account.
Q: Northern Bank has two types of account. Both accounts pay compound interest. Cash savings account: Interest 2.5% per annum Shares account: Interest 3.5% per annum Ali invests £2000 in the cash savings account. Ben invests £1600 in the shares account. (a) Work out who will get the most interest by the end of 3 years. You must show all your working.Answer: Convert each percentage into a decimalWork out interest for Ali using formula for compound interestWork out interest for Ben Compare figures
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