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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.

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
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.

 

22:37 ★ < Sparx Maths 1B ✓ 1C 1A ✓ sparxmaths.uk 1D < Second Chance! Review your working and see if you can correct your mistakes Bookwork code: 1D M 18161 XP = 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 Answer
Transcribed Image Text:22:37 ★ < Sparx Maths 1B ✓ 1C 1A ✓ sparxmaths.uk 1D < Second Chance! Review your working and see if you can correct your mistakes Bookwork code: 1D M 18161 XP = 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 Answer
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