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Compound Interest Qs

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Phoebe Cooler
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57 views4 pages

Compound Interest Qs

Uploaded by

Phoebe Cooler
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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4.! Sally bought a piano for £2200.

! In each year the value of the piano increases by 11% of its value at the start of
! that year.

! (a) Find the value of the piano after one year.

£.........................
(2)

! (b) Calculate after how many complete years the value of the piano will be at
! least £3200.

.........................years
(2)

5.! Natalie invests £600 for 2 years at 10% per year compound interest.
! How much interest does she earn?

£.........................
(2)

© CORBETTMATHS 2014
6.! Jenny invests £400 for two years at 5% compound interest, paid yearly.
! Tim says that the interest Jenny will receive will be £40.

! Is Tim right?
! Explain your answer.

(3)

7.! When a tennis ball is dropped, it bounces and then rises.

! The ball rises to 60% of the height from which it is dropped.


! The ball is dropped from a height of 2 metres.

! (a) Calculate the height of the rise after the first bounce.

.........................m
(1)

! (b) Calculate the height of the rise after the second bounce.

.........................m
(1)

! The ball carries on bouncing, each time rising to 60% of the last rise.

! (c) For how many bounces does it rise to a height greater than 20cm?
! Show your working

.........................
(2)

© CORBETTMATHS 2014
8.! The value of a television was £600 on 1st March 2013.
! Every four months, the value of the television decreased by 8% of its value at
! the start of that four months.

! What was the value of the television on 1st March 2014?

£.........................
(3)

9.! £5200 is invested at 2.8% compound interest per annum.


! How many years will it take for the investment to exceed £7000.

.........................years
(3)

© CORBETTMATHS 2014
10.! A radioactive substance decays over time.
! Every year its mass decreases by 14%.

! How many years will it take for 500kg of the substance to decay to a mass less
! than 200kg?

.........................years
(3)

11.! Martyn has some money to invest and sees this advert.

! !

! Will Martyn double his money in 15 years by investing his money with “Bank of
! Maths?”
! You must show your workings.

(4)

© CORBETTMATHS 2014

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