Rebecca was advised to invest her £12000 life savings in a special High
2 answers:
Answer:
(a) Year 1: £12,540
Year 2: £13,167
Year 3: £13,964.85
Year 4: £14,544.23
(b) £2,544.23
(c) 21.2% (1 d.p.)
Step-by-step explanation:
<u>Simple interest formula</u>
A = P(1 + rt)
where:
- A = final amount
- P = principal
- r = interest rate (in decimal form)
- t = time (in years)
Given:
- Principal = £12,000
- Interest rates for each progressive year = 4.5%, 5%, 5.3% and 4.9%
<h3><u>Part (a)</u></h3>
<u />
<u>Year 1</u>
⇒ A = 12000(1 + 0.045)
⇒ A = £12,540
<u>Year 2</u>
⇒ A = 12540(1 + 0.05)
⇒ A = £13,167
<u>Year 3</u>
⇒ A = 13167(1 + 0.053)
⇒ A = 13964.851
⇒ A = £13,964.85
<u>Year 4</u>
⇒ A = 13964.851(1 + 0.049)
⇒ A = 14544.2287
⇒ A = £14,544.23
<h3><u>Part (b)</u></h3>

<h3><u>Part (c)</u></h3>
<u />

#a
#1st year

#2nd year

#3rd year

#4th year

#b
Total interest

#c
Percentage


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