Elena wants to invest £15,000 for three years. She can choose between Account X and Account Y.
0.8% compound interest per annum
1.2% compound interest in the first year 0.6% compound interest for each extra year
Which account will give Elena the most interest after three years? You must show your working.
Practise Edexcel GCSE Maths Compound Interest and Depreciation with exam-style questions for Foundation and Higher tier. 44 questions, matched to the Edexcel GCSE Maths (1MA1) 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.