1. 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?

2. £5X 1.05 £5.05

3. 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?

4. £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 £10.13...

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