Help your students prepare for their Maths GCSE with this free compound interest worksheet of 44 questions and answers
Compound interest is interest that is calculated based on the original value of the investment as well as any interest previously earned.
For example, if £100 is invested in a savings account with a compound interest rate of 4% per annum then in the first year the account would earn £4 interest. At the beginning of the second year there would be £104 in the account and so the account would earn 4% of £104 and so on.
The annual compound interest formula is initial amount annual interest rate number of years. Annual interest rate is written as a percentage multiplier, so an interest rate of 4% would be a multiplier of 1.04. If interest is calculated over a different time period, such as semiannually, the ‘number of years’ would change to ‘number of times interest is paid’.
Compound depreciation works in the same way as compound interest, the only difference is that in this case, the percentage multiplier would be a decimal less than 1.
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