Question

During 2000 and 2001 a bank paid interest at a compound rate of 2% per annum. During 2002,2003 and 2004 this rate rose to 3%.calculate the total interest paid over five years if £650 was invested at the beginning of the year 2000.

Answer 1

Answer:

During 2000 and 2001 a bank paid interest at a compound rate of 2% per annum. During 2002,2003 and 2004 this rate rose to 3%.calculate the total interest paid over five years if £650 was invested at the beginning of the year 2000.