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Compound Interest and Depreciation

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Question 12
53%

Chloe invests £2500 for n n\,n years in a savings account.

To find the value, VVV, of her investment after n n\,n years she uses the formula:

V=2500×(1.04)n V = 2500 \times (1.04)^n V=2500×(1.04)n
a.

Write down the annual rate of interest Chloe earns.

[1]
b.

Find the total amount of interest Chloe earns in three years.

[2]

Compound Interest and Depreciation Questions

  1. GCSE
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  3. /Compound Interest and Depreciation