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Compound Interest and Depreciation

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Question 21
1.

Melvin has £5657.04 in an account paying 2.5% compound interest per annum after 5 years. Charlie has £5216.73 in an account paying 3% compound interest per annum after 5 years.

Work out the amount of money each person invested.

[2]
2.

Work out the difference between the amount of money Melvin invested and the amount of money Charlie invested.

[2]
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Compound Interest and Depreciation Questions

  1. GCSE
  2. /Maths
  3. /Compound Interest and Depreciation

161 exam-style questions on Edexcel GCSE Maths Compound Interest and Depreciation. Each one has a worked solution and a mark scheme showing where the marks go.

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