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Compound Interest and Depreciation

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Question 24

Arlo invests £10000 for n n\,n years in a savings account.

To find the value, VVV, of his investment after n n\,n years he uses the formula:

V=10000×(1.015)n V = 10000 \times (1.015)^n V=10000×(1.015)n
a.

Write down the annual rate of interest Arlo earns.

[1]
b.

Find the total amount of interest Arlo earns in four years.

[2]

Compound Interest and Depreciation Questions

  1. GCSE
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  3. /Compound Interest and Depreciation