Foundation June 2024 Paper 2 Q15
15 £3500 is invested in a bank for 6 years.
The bank pays simple interest at a rate of 2.5% per year.
Work out the total amount of simple interest paid. (2)
| Answer | Mark | Mark scheme |
|---|---|---|
| 525 | M1 | for method to find the interest after one year, eg \(3500 \times 2.5 \div 100\ (= 87.5)\) oe or \(0.025 \times 6\ (= 0.15)\) oe or for a complete method, eg \(3500 \times 2.5 \times 6 \div 100\) oe or for 4025 or 2975 |
| A1 | cao |
Additional guidance
May be implied by, eg 3587.5(0)
Award M1 for \(3500 \times 1.025^n\)