GCSE Secondary Maths Age 13-17 - Ratio, Proportion & Rates of Change: Simple Interest - Explained

The video tutorial explains how Abi invests 500 pounds for four years in a bank account with a simple interest rate of 2.3% per year. It details the process of calculating the interest for one year and then multiplying it by four to find the total interest over the four years. The tutorial also discusses the difference between simple and compound interest and provides a breakdown of the marks awarded for solving the problem.

How much did Abi invest in the bank account?

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What is the interest rate of the bank account?

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Explain the difference between simple interest and compound interest.

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How is simple interest calculated?

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What is the total interest earned by Abi after four years?

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