Foundation November 2020 Paper 1R Q24
24 Harold bought an antique clock for £1200
The clock increased in value by 8% per year.
Find the value of the clock exactly 3 years after Harold bought the clock.
Give your answer correct to the nearest £.
(3)
| Scheme | Marks |
|---|---|
| for 0.08 × 1200 oe (= 96) or 1.08 × 1200 oe (= 1296) | M1 |
| 1.08 × “1296” (= 1399.68) oe 1.08 × “1399.68” (= 1511.6544) oe | M1 |
| 1512 | A1 |
| (3) | |
| (3 marks) |
Notes
M1: for 0.08 × 1200 oe (= 96)
or 1.08 × 1200 oe (= 1296)
M1: for completing method to find total amount in the account
A1: accept 1511 – 1512
SC: if no other marks gained award M1 for 0.24 × 1200 oe or 288 or 1488
accept (1 + 0.08) as equivalent to 1.08 throughout
Alternative
| Scheme | Marks |
|---|---|
| \(1200 \times 1.08^3\) | M2 |
| Answer: 1512 | A1 |
M2: for \(1200 \times 1.08^3\) or \(1200 \times 1.08^4\) (= 1632.59)
(M1 for \(1200 \times 1.08^2\) (= 1399.68))