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Compound Interest and Depreciation

Compound Interest and Depreciation

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Question 115
(a).

Matt wants to invest £8000 for three years. He can choose between Bank A and Bank B.

Bank A

1.2% compound interest per annum

Bank B

2% compound interest in the first year 1% compound interest for each extra year

Which bank will give Matt the most interest after three years? You must show your working.

[4]
(b).

Matt chooses Bank B. Hence, calculate the amount of money Matt will have after four years.

[2]
Markscheme

Compound Interest and Depreciation Questions

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

163 exam-style questions on Eduqas 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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