71506
Description
Mind Map by Ellen Billingham, updated more than 1 year ago
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Created by Ellen Billingham
over 11 years ago
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Percentage change
- Compound
Interest
- I put £30,000 in a bank and it has an interest
rate which makes it rise by 3% every year. How
much money will I have after 5 years?
- 30000 x (multiplier)^number of years
- multiplier is 0.04 for 4%, but we want an increase, so it's 1.04
- 30000 x (1.04)^5
- £36499.59
- £36499.59
- multiplier is 0.04 for 4%, but we want an increase, so it's 1.04
- 30000 x (multiplier)^number of years
- I put £30,000 in a bank and it has an interest
rate which makes it rise by 3% every year. How
much money will I have after 5 years?
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