Mathematics for IGCSE & O level - Percentages (Section 5 - No. 46)
Is it better to invest $1000 for five years at 8% compound interest or for four years at 9% compound interest?
8% for 5 years
9% for 4 years
They are equal
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8% for 5 years: 1000 * (1 + 0.08)^5 = 1469.33. 9% for 4 years: 1000 * (1 + 0.09)^4 = 1411.58. The 8% is better