3.3.12

Compound Interest

Test yourself

Compound Interest

In summer, the number of ants in a colony increases by 20% each day. On the first day there are 10,000 ants. How many are there after 3 days?

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Key terms

  • Compound interest is when the amount of interest for a bank account is calculated again each interval rather than just using the starting amount.
  • Depreciation is when the value of an item decreases each year as it ages.
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And again for the 3rd day

  • We can also solve these problems using the formula:
    • N = S × (multiplier)n

Jump to other topics

1Number

1.1Using Numbers

1.2Fractions, Decimals & Percentages

1.3Powers & Roots

1.4Accuracy

2Algebra

2.1Introduction to Algebra

2.2Manipulating Algebra

2.3Proofs & Functions

2.4Straight Line Graphs

2.5Common Graphs

2.6Transformations & Tangents

2.7Properties of Graphs

2.8Solving Equations

2.9Inequalities

2.10Sequences

3Ratio

4Geometry

4.1Introduction to Geometry

4.2Triangles & Quadrilaterals

4.3Transformations

4.4Circle Basics

4.5Circle Theorems

4.6Measurements & Units

4.7Calculating Area

4.8Triangle Formulae

4.93D Shapes

4.10Vectors

5Probability

6Statistics

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