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Posted on Jul 17, 2024

Question 3 Difficulty: III Ivan put 5 0 0 0 0 0 ISK ( Icelandic Krona ) and Blake put 7 0 0 0 0

Question $3$

Difficulty: III

Ivan put $500 000$ ISK $($ Icelandic Krona $)$ and Blake put $700000$ ISK into savings accounts at different banks.

After $8$ years, Ivan and Blake have the same amount of money in their accounts.

They both receive interest compounded quarterly and Blake has an annual interest rate that is half of Ivan's annual interest rate.

Work out the annual interest rate that Blake receives.

Give your answer correct to $1$ decimal place.

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