Matt wants to invest £8000 for three years. He can choose between Bank A and Bank B.
1.2% compound interest per annum
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.
Practise Edexcel IGCSE Maths Compound Interest and Depreciation with exam-style questions for IGCSE Maths. 11 questions, matched to the Edexcel IGCSE Maths (4MA1) specification and written in Paper 1 and Paper 2 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.