Wally gets £5 pocket money He puts it the bank for a year and earns interest of 5% How much money does he have by the end of the year?

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Presentation transcript:

Wally gets £5 pocket money He puts it the bank for a year and earns interest of 5% How much money does he have by the end of the year?

£5X 1.05 £5.05

Wally wants to buy a CD for £10 He has £8 in the bank If interest rates are 7%, how long will he need to save for until he can afford the CD?

£8(1.07) x =£10 We could try and solve this be trail and error…… If x is 5 (5 years) we will have £11.22 Too much……if x is 4 years, we will have £10.50 Nearly…….if x is 3.5 years, we will have £

……or…..we can use logs………this is A Level Maths!! £8(1.07) x =£10 (1.07) x =1.25 XLog =Log X=3.3 years