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 Oxford AQA IGCSE Maths Compound Interest and Depreciation with exam-style questions for Core and Extended tier. 11 questions, matched to the Oxford AQA IGCSE Maths (9260) specification and written in Paper 1 and Paper 2 (Core: 1C and 2C; Extension: 1E and 2E) 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.