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Ellie invests £200 in a savings account for 2 years.
The account pays compound interest at an annual rate of: 3.3% for the first year 1.5% for the second year.
Work out the total amount of money in Ellie’s account at the end of 2 years.
A building society pays compound interest at a fixed rate of 7% per annum.
If £480 is invested in an account, what will be the value of the account after 3 years?
Jess invests £508 in a bank account paying compound interest at a rate of 10% per annum.
Calculate the total amount in Jess’s bank account after 2 years.
£500 is invested for 2 years at 6% per annum compound interest.
(a) Work out the total interest earned over the two years.
£250 is invested for three years at 7% per annum compound interest.
(b) By what single number must £250 be multiplied to obtain the total amount at the end of the 3 years?
Give your answer as a decimal.
Stella wants to invest £3000 for 3 years in the same bank.
She saw the following two advertisements from different banks.
Compound interest 4% for the first year 1% for each extra year
Simple interest 2.1% per year
(a) Work out the value of her investment with Bank A. £
(b) Work out the value of her investment with Bank B. £
(c) How much more will Stella have if she invests her money with Bank B? £