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A bank offers a saving account with an introductory interest rate of 7% for the first year, and a follow-on rate of 5%, compounded annually. If £500 is invested in the account for 3 years, how much interest
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Nov 20, 2023
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A bank offers a saving account with an introductory interest rate of 7% for the first year,
and a follow-on rate of 5%, compounded annually.
If £500 is invested in the account for 3 years, how much interest will be earned?
Mathematics
high-school
Kii
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Answer:
=£5898.38
Explanation:
5000×1.07×1.05^(2)
=£5898.38
Geevee
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Nov 27, 2023
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Geevee
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