Money and finance
 

Money and finance problem 28


Tina and Peter decided to invest. Tina invested £400 in a bank with an annual compound interest rate of 5.5%. Peter, on the other hand, decided to invest his £1800 in a bank that bears an annual compound interest rate of 2.6%.


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


 

material editor: OpenProf website