A worker keeps £32,000 in a variable-rate savings account. Following a change in Bank Rate, the account's annual interest rate moves from 1.5% to 2.25%.
Calculate the additional interest earned in one year.
116 exam-style questions on OCR GCSE Economics 3.6 Monetary policy, covering 3.6.1 What is monetary policy, 3.6.2 Monetary policy and macro objectives, and 3.6.3 Effects of monetary policy. Each one has a worked solution and a mark scheme showing where the marks go.