Simple and Compound Interest
 

Simple and Compound Interest problem 18


Tina and Peter decided to invest. Tina invested £500 in a bank with an annual compound interest rate of 5.1%. Peter, on the other hand, decided to invest his £1300 in a bank that bears an annual compound interest rate of 3.1%.


In how many years will the worth of investment be the same?


 

material editor: Anot Alawiye