A dental practice transfers £12,800 into a business savings account for replacing equipment. The account pays 2.5% compound interest per year. No money is added or withdrawn during the next two years.
Calculate the amount available for replacing equipment at the end of the two years.
60 exam-style questions on AQA GCSE Economics 2.5 The role of money and financial markets, covering 2.5.1a Functions of money, 2.5.1b Definition of money, 2.5.2a Agents in the financial sector, 2.5.2b The role of the Bank of England, and 2.5.2c The role of high street banks. Each one has a worked solution and a mark scheme showing where the marks go.