A local wildlife charity's treasurer transfers £7,500 of unspent annual-budget funds into a savings account. The account notice shows an annual interest rate of 2.4%, changing to 3.2% for the following year.
Calculate the extra interest the charity will earn in one year once the new rate applies.
82 exam-style questions on OCR GCSE Economics 2.8 The role of money and financial markets, covering 2.8.1 Money as a medium of exchange, 2.8.2 Role of the financial sector, 2.8.3 Importance of the financial sector, 2.8.4 Interest rates and saving, borrowing, investment, and 2.8.5 Effect of interest rate changes. Each one has a worked solution and a mark scheme showing where the marks go.