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Choose level of difficulty Brian wants to invest £10 000 for one year. His bank offers two plans. Plan A Annual Booster: 6·5% per year, with the interest added at the end of the year. Plan B Monthly Plus: 0·5% per month compound interest, with the interest added at the end of each month. Brian will make no withdrawals during the year. Recommend which plan Brian should use, and why.

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Help Step 1: Start with Plan A and work out the interest on £10,000 and write down how much savings he will have at the end of the year Brian wants to invest £10 000 for one year. His bank offers two plans. Plan A Annual Booster: 6·5% per year, with the interest added at the end of the year. Plan B Monthly Plus: 0·5% per month compound interest, with the interest added at the end of each month. Brian will make no withdrawals during the year. Recommend which plan Brian should use, and why.

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Help Step 2: Looking at Plan B we are going to be adding interest at the end of every month. We are starting with 100% so after 1 month we will have ___% To get this we multiply by ____ Brian wants to invest £10 000 for one year. His bank offers two plans. Plan A Annual Booster: 6·5% per year, with the interest added at the end of the year. Plan B Monthly Plus: 0·5% per month compound interest, with the interest added at the end of each month. Brian will make no withdrawals during the year. Recommend which plan Brian should use, and why.

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Help Step 3: Looking at Plan B we are going to be adding interest at the end of every month. £10 000 x _____ gives the amount at the end of the first month. Because the % increases by 0.5% each month we keep doing the sum x ______ for another 11 months Brian wants to invest £10 000 for one year. His bank offers two plans. Plan A Annual Booster: 6·5% per year, with the interest added at the end of the year. Plan B Monthly Plus: 0·5% per month compound interest, with the interest added at the end of each month. Brian will make no withdrawals during the year. Recommend which plan Brian should use, and why.

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Help Step 4: Looking at Plan B we are going to be adding interest at the end of every month. This can be written as: £10 000 x (_______) 12 Work this out and answer the question Brian wants to invest £10 000 for one year. His bank offers two plans. Plan A Annual Booster: 6·5% per year, with the interest added at the end of the year. Plan B Monthly Plus: 0·5% per month compound interest, with the interest added at the end of each month. Brian will make no withdrawals during the year. Recommend which plan Brian should use, and why. End of Problem Return to Menu End of Problem Return to Menu

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Help Step 1: Start with Plan A and work out the interest on £10,000 and write down how much savings he will have at the end of the year Brian wants to invest £10 000 for one year. His bank offers two plans. Plan A Annual Booster: 6·5% per year, with the interest added at the end of the year. Plan B Monthly Plus: 0·5% per month compound interest, with the interest added at the end of each month. Brian will make no withdrawals during the year. Recommend which plan Brian should use, and why.

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Help Step 2: Looking at Plan B we are going to be adding interest at the end of every month. We are starting with 100% so after 1 month we will have _____% To get this we multiply by ____ Brian wants to invest £10 000 for one year. His bank offers two plans. Plan A Annual Booster: 6·5% per year, with the interest added at the end of the year. Plan B Monthly Plus: 0·5% per month compound interest, with the interest added at the end of each month. Brian will make no withdrawals during the year. Recommend which plan Brian should use, and why.

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Help Step 3: Looking at Plan B we are going to be adding interest at the end of every month. £10 000 x ______ gives the amount at the end of the first month. Because the % increases by 0.5% each month we keep doing the sum x ______ for another 11 months Brian wants to invest £10 000 for one year. His bank offers two plans. Plan A Annual Booster: 6·5% per year, with the interest added at the end of the year. Plan B Monthly Plus: 0·5% per month compound interest, with the interest added at the end of each month. Brian will make no withdrawals during the year. Recommend which plan Brian should use, and why.

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Help Step 4: Looking at Plan B we are going to be adding interest at the end of every month. This can be written as: £10 000 x (_______) 12 Work this out and answer the question Brian wants to invest £10 000 for one year. His bank offers two plans. Plan A Annual Booster: 6·5% per year, with the interest added at the end of the year. Plan B Monthly Plus: 0·5% per month compound interest, with the interest added at the end of each month. Brian will make no withdrawals during the year. Recommend which plan Brian should use, and why. End of Problem Return to Menu End of Problem Return to Menu

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Hint Start with Plan A Brian wants to invest £10 000 for one year. His bank offers two plans. Plan A Annual Booster: 6·5% per year, with the interest added at the end of the year. Plan B Monthly Plus: 0·5% per month compound interest, with the interest added at the end of each month. Brian will make no withdrawals during the year. Recommend which plan Brian should use, and why.

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Hint How do you calculate the increase for one month using a multiplication? Brian wants to invest £10 000 for one year. His bank offers two plans. Plan A Annual Booster: 6·5% per year, with the interest added at the end of the year. Plan B Monthly Plus: 0·5% per month compound interest, with the interest added at the end of each month. Brian will make no withdrawals during the year. Recommend which plan Brian should use, and why.

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Hint You need to repeat this multiplication 12 times Brian wants to invest £10 000 for one year. His bank offers two plans. Plan A Annual Booster: 6·5% per year, with the interest added at the end of the year. Plan B Monthly Plus: 0·5% per month compound interest, with the interest added at the end of each month. Brian will make no withdrawals during the year. Recommend which plan Brian should use, and why.

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Brian wants to invest £10 000 for one year. His bank offers two plans. Plan A Annual Booster: 6·5% per year, with the interest added at the end of the year. Plan B Monthly Plus: 0·5% per month compound interest, with the interest added at the end of each month. Brian will make no withdrawals during the year. Recommend which plan Brian should use, and why. End of Problem Return to Menu End of Problem Return to Menu

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Hint Start with Plan A Brian wants to invest £10 000 for one year. His bank offers two plans. Plan A Annual Booster: 6·5% per year, with the interest added at the end of the year. Plan B Monthly Plus: 0·5% per month compound interest, with the interest added at the end of each month. Brian will make no withdrawals during the year. Recommend which plan Brian should use, and why.

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Hint What multiplication will work out the value after 1 month Brian wants to invest £10 000 for one year. His bank offers two plans. Plan A Annual Booster: 6·5% per year, with the interest added at the end of the year. Plan B Monthly Plus: 0·5% per month compound interest, with the interest added at the end of each month. Brian will make no withdrawals during the year. Recommend which plan Brian should use, and why.

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Hint Repeat the multiplication 12 times Brian wants to invest £10 000 for one year. His bank offers two plans. Plan A Annual Booster: 6·5% per year, with the interest added at the end of the year. Plan B Monthly Plus: 0·5% per month compound interest, with the interest added at the end of each month. Brian will make no withdrawals during the year. Recommend which plan Brian should use, and why. End of Problem Return to Menu End of Problem Return to Menu

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Hint Plan B involves increasing by a percentage. Then increasing that new amount by a percentage and so on. Brian wants to invest £10 000 for one year. His bank offers two plans. Plan A Annual Booster: 6·5% per year, with the interest added at the end of the year. Plan B Monthly Plus: 0·5% per month compound interest, with the interest added at the end of each month. Brian will make no withdrawals during the year. Recommend which plan Brian should use, and why. End of Problem Return to Menu End of Problem Return to Menu

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© Nuffield Foundation 2011 Nuffield Free-Standing Mathematics Activity Simple and compound interest.

© Nuffield Foundation 2011 Nuffield Free-Standing Mathematics Activity Simple and compound interest.

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