A savings scheme is offering a rate of interest o 3.5% per annum for the lifetime of
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A savings scheme is offering a rate of interest o 3.5% per annum for the lifetime of the plan. Alan wants to save up £20 000. He works out that he can afford to save £500 every year, which he will deposit on 1 January. If interest is paid on 31 December, how many years will it be before he has saved up his £20 000?
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To solve this problem we can use the concept of compound interest Compound interest is calculated by ...View the full answer
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Related Book For 
Pearson Edexcel A Level Mathematics Pure Mathematics Year 2
ISBN: 9781292183404
1st Edition
Authors: Greg Attwood, Jack Barraclough, Ian Bettison, David Goldberg, Alistair Macpherson, Joe Petran
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