A bank account gathers compound interest at a rate of 5% each year. Another bank account gathers the same amount of money in interest by the end of each year, but gathers compound interest each month. If Abraham puts £4300 into the account which gathers interest each month, how much money would be in his account after 2 years and 5 months? Give your answer in pounds to the nearest 1p.
A bank account gathers compound interest at a rate of 5% each year. Another bank account gathers the same amount of money in interest by the end of each year, but gathers compound interest each month. If Abraham puts £4300 into the account which gathers interest each month, how much money would be in his account after 2 years and 5 months? Give your answer in pounds to the nearest 1p.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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A bank account gathers compound interest at a rate of 5% each year.
Another bank account gathers the same amount of money in interest by the end of each year, but gathers compound interest each month.
If Abraham puts £4300 into the account which gathers interest each month, how much money would be in his account after 2 years and 5 months?
Give your answer in pounds to the nearest 1p.
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A bank account gathers compound
interest at a rate of 5% each year.
Another bank account gathers the same
amount of money in interest by the end
of each year, but gathers compound
interest each month.
Watch video
+
1E ✓ Su
If Abraham puts £4300 into the
account which gathers interest each
month, how much money would be in his
account after 2 years and 5 months?
Give your answer in pounds to the
nearest 1p.
34
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