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Colt1911 [192]
2 years ago
13

Northern Bank has two types of account. Both accounts pay compound interest. Cash savings account Interest 2.5% per annum Shares

account Interest 3.5% per annum 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.
Mathematics
1 answer:
musickatia [10]2 years ago
4 0

Answer: Ben will have the most interest.

Step-by-step explanation:

Ali after 3 years.

To use compound interest, the formula is:

= Investment * ( 1 + rate) ^ no. of periods

= 2,000 * ( 1 + 2.5%)³

= £‭2,153.78

Interest = Amount after 3 years - investment

= 2,153.78 - 2,000

= £153.78

Ben after 3 years.

= 1,600 * (1 + 3.5%)³

= £1,773.95

Interest = 1,773.93 - 1,600

= £173.93

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Find the equation of the exponential function represented by the table below:
Klio2033 [76]

Answer:

y =5(3)^x

Step-by-step explanation:

Given

The attached table

Required

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The table represents an exponential function. So, we make use of

y = ab^x

When x = 0, y= 5.

So:

y = ab^x becomes

5 = ab^0

5 = a*1

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a = 5

When x = 1; y = 15

So;

y = ab^x becomes

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Substitute 5 for a

15 = 5 * b

Divide both sides by 5

\frac{15}{5} = \frac{5 * b}{5}

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b = 3

Substitute values for a and b in: y = ab^x

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2 years ago
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Maru [420]

Answer:

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Step-by-step explanation:

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We solve for k by dividing both sides by 20:  15/(6*20) = k = 1/8

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