Mathematics 4024 · O Level · Exponential growth and decay

Exponential growth and decay — practice question

(a)[3]

Ameerah places $480$ dollars into a savings account. Simple interest is paid at a rate of $3.6\%$ per year. Calculate the value of the investment after $5$ years.

(b)[3]

Ben puts $600$ dollars into a different savings account. The account pays compound interest at a rate of $2.7\%$ per year. Calculate the total amount of interest paid to Ben after $4$ years.

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