Foundation June 2017 Paper 3 Q2
2 Corinne invests £8400 at a simple interest rate of 12% per year.
Work out the value of the investment after 3 years. [3]
| Answer | Marks | Part marks and guidance | |
|---|---|---|---|
| 11 424 | 3 | B2 for 3024 OR M1 for \(8400 \times [0].12\) or 1008 M1 for [8400 +] their 1008 \(\times\) 3 If 0 scored SC1 for 11 801[. ..] | M0 if used for compound interest Their 1008 must be seen to come from a calculation with 8400 and 12 Non-calculator methods Candidates must have equivalent, correct, processes at each stage to score M marks Eg 10% so \(\div\) 10 and 2% so \(\div\)5 then add Answers may be incorrect but process may be implied by correct values Eg (10%) 840 + (2%) 168 From compound interest |