A bank offer two types of saving accounts which pay interest as shown below. Michelle wants to invest £2900 in one of these accounts for 19 years.
a/ which account will pay Michelle more interest after 19 years?
b/ how much more interest will the account pay?
simple interest Compound interest
8% per year 5% per year

Question

16-06-2024
Mathematics

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A bank offer two types of saving accounts which pay interest as shown below. Michelle wants to invest £2900 in one of these accounts for 19 years.
a/ which account will pay Michelle more interest after 19 years?
b/ how much more interest will the account pay?
simple interest Compound interest
8% per year 5% per year

Sagot :

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