Higher November 2020 Paper 1 Q13
13 Jan invests $8000 in a savings account.
The account pays compound interest at a rate of \(x\)% per year.
At the end of 6 years, there is a total of $8877.62 in the account.
Work out the value of \(x\).
Give your answer correct to 2 decimal places.
(3)
| Scheme | Marks |
|---|---|
\(8000 \times \left(\dfrac{100 + x}{100}\right)^6 = 8877.62\) oe or \(8000 \times \left(1 + \dfrac{x}{100}\right)^6 = 8877.62\) oe or \(8000 \times (1 + x\%)^6 = 8877.62\) or \(8000 \times y^6 = 8877.62\) oe | M1 |
\(\left(\dfrac{8877.62}{8000}\right)^{\frac{1}{6}}\) (=1.0175…) or \((1.1097\ldots)^{\frac{1}{6}}\) (=1.0175…) | M1 |
| Correct answer scores full marks (unless from obvious incorrect working) Answer: 1.75 | A1 |
| (3) | |
| (3 marks) |