Higher June 2019 Paper 3 Q10
10 Marie invests £8000 in an account for one year.
At the end of the year, interest is added to her account.
Marie pays tax on this interest at a rate of 20%
She pays £28.80 tax.
Work out the percentage interest rate for the account. (3)
| Answer | Mark | Mark scheme |
|---|---|---|
| 1.8 | P1 | process to find the amount of interest before tax eg \(28.80 \div 20 \times 100\ (= 144)\) OR for equation which would lead to (\(x =\)) 0.018, 1.8 or 1.018 eg \(0.2 \times 8000 \times x = 28.8\) or \(\dfrac{8000(100 + x)}{100} = 8144\) |
| P1 | process to find the interest rate eg \(\dfrac{\text{``}144\text{''}}{8000}\ (= 0.018)\) or \(\dfrac{\text{``}8144\text{''}}{8000}\ (= 1.018)\) | |
| A1 | cao |
Additional guidance
These numerical expressions may be seen multiplied by 100, eg \(\dfrac{144}{8000} \times 100\)