Higher June 2024 Paper 3 Q14
14 At the start of 2022 Kim invested some money in a savings account.
The account paid 3.5% compound interest each year.
At the end of 2022
interest was added to the account then Kim took £750 from the account.
At the end of 2023
interest was added to the account then Kim took £1000 from the account.
There was then £2937.14 in the account.
Work out how much money Kim invested at the start of 2022
You must show all your working. (4)
| Answer | Mark | Mark scheme |
|---|---|---|
| 4400 | P1 | for start to processes needed to find the investment, eg \(2937.14 + 1000\ (= 3937.14)\) OR starts to work with algebra, eg \(P \times 1.035 - 750\) |
| P1 | for process to find amount of money at the beginning of 2023 after the first withdrawal, eg \(\text{``}3937.14\text{''} \div 1.035\ (= 3804)\) or \([\text{value}] \div 1.035\) OR writes down complete equation, eg \((P \times 1.035 - 750) \times 1.035 - 1000 = 2937.14\) | |
| P1 | for complete process, eg \((\text{``}3804\text{''} + 750) \div 1.035\) OR for a start to the process to solve the equation to find \(1.035P - 750\) eg \(P \times 1.035 - 750 = \dfrac{2937.14 + 1000}{1.035}\) or \(1.035P - 750 = 3804\) or for a start to the process to solve the complete equation eg \(1.035^2P - 776.25 = 2937.14 + 1000\) or \(1.035^2P - 1000 = 2937.14 + 776.25\) or \(1.035^2P = 2937.14 + 776.25 + 1000\) | |
| A1 | cao |
Additional guidance
[value] can be 2937.14 or 2937.14 + 750 or 2937.14 + 1750
A correct answer with no supportive working gets 0 marks