Higher June 2017 Paper 3 Q10
10 Naoby invests £6000 for 5 years.
The investment gets compound interest of \(x\)% per annum.
At the end of 5 years the investment is worth £8029.35
Work out the value of \(x\). (3)
| Answer | Mark | Notes |
|---|---|---|
| 6 (%) | P1 | for \(y^5\) oe or \(8029.35 \div 6000\) |
| P1 | for a process to find \(1 + x\) e.g. \(\sqrt[5]{(8029.35 \div 6000)}\) or 1.06 or 1.0599.. | |
| A1 | 5.99 to 6 |