Personal Finance Toolkit (AQA Level 3 Mathematical Studies (Core Maths): Paper 1: Data, Finance, Estimation & Modelling): Exam Questions

Some years ago, Kelly invested £2000 in a savings account.

Since then, she has not withdrawn money from the account but interest has been added.

The total in the account is now £2319, correct to the nearest pound.

Complete the error interval for the total amount of interest, £I, that has been added to the account.

Answer __________________ __________________

Jessica invests an amount in a variable rate savings account.

The account receives compound interest at

2.4% per year for the first 2 years
then
3.1% per year for the next 5 years.

Jessica says,

“My investment will increase by 20.3%, because 2 × 2.4 + 5 × 3.1 = 20.3”

By calculating the correct percentage increase, show that she is wrong.