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Compound Interest and Depreciation

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Question 7
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Matt wants to invest £8000 for three years. He can choose between Bank A and Bank B.

Bank A

1.2% compound interest per annum

Bank B

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.

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Compound Interest and Depreciation Questions

  1. IGCSE
  2. /Maths
  3. /Compound Interest and Depreciation

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.

Question bank