Answer:
After 3 years, Sue will get £2471.70 and Bill will get £1993.28.
Step-by-step explanation:
Amount at Compound Interest, [tex]A=P(1+\frac{r}{k} )^{nk}[/tex]
Since interest is compounded everyday, period, k=365.
Sue
Amount Invested, P=£2300
Interest Rate Per annum (Saver Account) = 2.4%=0.024
Period, k=365 days
Number of Years, n=3 years
[tex]A=2300(1+\frac{0.024}{365} )^{365*3}\\=\£2471.70[/tex]
Bill
Amount Invested, P=£1800
Interest Rate Per annum (1234 Account ) = 3.4%=0.0034
Period, k=365 days
Number of Years, n=3 years
[tex]A=1800(1+\frac{0.034}{365} )^{365*3}\\=\£1993.28[/tex]
After 3 years, Sue will get £2471.70 and Bill will get £1993.28.
