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Dividing the amount of interest

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On account A, the rate of interest is 5% per annum.

(a) Based on dividing the amount of interest equally between the first and second halves of the year, state the rate of interest for a 6-month period (simple interest method).

(b) Based on the same proportional increase in the amount over the first and second halves of the year, calculate the rate of interest for a 6-month period (compound interest method).

On accounts B and C, the rate of interest is 3% per half year.

(c) On account B, based on a rate of interest of 3% per half year, calculate the simple interest on £500 over a period of 4 years.

(d) On account C, based on a rate of interest of 3% per half year, calculate the compound interest on £500 over a period of 4 years.

(e) On account C, express the increase in value over 4 years as an index.

Reference no: EM131086791

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