David wants to invest $12,000 for three years. He can choose between the Saver’s Choice account and the High Interest account.
1.5% compound interest per annum
1.8% compound interest in the first year 1.4% compound interest for each extra year
Which account will give David the most interest after three years? You must show your working.
Practise AQA GCSE Maths Compound Interest and Depreciation with exam-style questions for Foundation and Higher tier. 44 questions, matched to the AQA GCSE Maths (8300) specification and written in Paper 1, Paper 2 and Paper 3 style. Every question includes a full worked solution and mark scheme, so you can see where marks are awarded rather than just whether you got the answer right.