Mathematics for IGCSE & O level - Percentages (Section 2 - No. 29)
Is it better to invest $1000 for five years at 8% compound interest or for four years at 9% compound interest?
5 years at 8%
4 years at 9%
Both are same
Cannot be determined
Explicació
5 years at 8%: 1000 * (1.08)^5 = $1469.33. 4 years at 9%: 1000 * (1.09)^4 = $1411.58.