Each year you receive an end of year bonus of 1500 from your employers. You are keen to save this bonus and put it towards a deposit on a house. You have identified a savings account offering 3% annual interest. After three years how much money you would have towards the deposit?

Question 15(2 marks)

You are also in a position to save 325 at the start of each month towards the deposit needed for the house. You have identified a saving account which offers 12% annual interest. After three years how much money would you have towards the deposit?

Question 16(2 marks)

As a promising tennis player, a company wishes to sponsor you for the next three years to advertise their business. If you win the County League they will pay you 2500 at the end of each annual season. The company uses an account that offers 3% annual interest. How much does the company need to deposit today to ensure you receive 2500 each year?