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Q23: Question – Paper 2 – November 2018
Q23: Question – Paper 2 – November 2018
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Question
23)
Northern Bank has two types of account.
Both accounts pay compound interest.
Northern Bank has two types of account.
Both accounts pay compound interest.
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Ali invests £2000 in the cash savings account.
Ben invests £1600 in the shares account.
a) Work out who will get the most interest by the end of 3 years.
You must show all your working.
Ben invests £1600 in the shares account.
a) Work out who will get the most interest by the end of 3 years.
You must show all your working.
[4 marks]
In the 3rd year the rate of interest for the shares account is changed to 4% per annum.
b) Does this affect who will get the most interest by the end of 3 years?
Give a reason for your answer
[1 mark]