Higher November 2021 Paper 4 Q8
8 Jamie invests £6000 at a simple interest rate of \(r\)% each year.
After 6 years the value of their investment is £7170.
Find the value of \(r\). [4]
| Answer | Marks | Part marks and guidance | |
|---|---|---|---|
| 3.25 | 4 | B3 for 0.0325 OR M1 for 7170 – 6000 or \(\frac{7170}{6000}\) M1 for \(\dfrac{\textit{their } 1170}{6000}\) or \(\dfrac{\textit{their } 1170}{6}\) or 1.195 – 1 M1 for their 0.195 ÷ 6 or their 195 ÷ 6000 | Accept any correct method and condone extra % symbol implied by 1170 or 1.195 implied by 0.195 or 195 implied by 0.0325 watch out for \(\sqrt[6]{1170} = 3.246\ldots\) |