Edexcel Gcse Mathematics (Linear) - Compound Interest And Depreciation Page 5
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87.
Bill invests £500 on 1st January 2004 at a compound interest rate of R% per
annum.
The value, £V, of this investment after n years is given by the formula
V = 500 × (1.045) n
(a) Write down the value of R.
R = …………………
(1)
(b) Use your calculator to find the value of Bill’s investment after 20 years.
£……………………..
(2)
(Total 3 marks)
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