Question

Andy invests £12 000 in a variable rate compound interest account.

The interest is
2% for the first year
3.5% for the second year
5% for the third year

Work out the value of Andy's investment at the end of 3 years.​

Answer 1

One year later :

`12000 + 12 000 * (2)/(100) = \\`

`12000 + 120 * 2 =`

`12000 + 240 = 12240`

That's for first year.

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One year later :

`12240 + 12240 * (3.5)/(100) = \\`

`12240 + 122.4 * 3.5 =`

`12240 + 428.40 =`

`12668.4`

That's for second year.

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`12668.4 + 12668.4 * (5)/(100) = \\`

`12668.4 + 126.684 * 5 =`

`12668.4 + 633.42 =`

`13301.82`

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I think this is the correct answer...

And we're done.

Thanks for watching buddy good luck.

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