Melvin invests £5000 in an account paying 2.5% compound interest per annum. Charlie invests £4500 in an account paying 3% compound interest per annum.
Work out the difference between the amount of money Melvin has after 5 years and the amount of money Charlie has after 5 years.
Practise OCR GCSE Maths Compound Interest and Depreciation with exam-style questions for Foundation and Higher tier. 44 questions, matched to the OCR GCSE Maths (J560) specification and written in the written papers 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.