Foundation June 2023 Paper 2 Q7

OCRFoundationCurrent spec4 marksPercentages

7 Azmi invests £700 at a rate of 2% per year simple interest.

(a) Work out the interest Azmi receives after one year. [2]

(b) Work out the value of Azmi’s investment after 3 years. [2]

Mark scheme (a)

Answer	Marks	Part marks and guidance
14	2	M1 for \(\dfrac{700 \times 2}{100}\) oe	Answer 714 implies M1

Appendix

Percentage Methods:

Labels Only

This is when labels such as 10% = are used

If ONLY labels are used, the final answer scores full marks if it correct.
If there is an error in the values and therefore the final answer is incorrect this cannot score method marks

e.g. Find 2% of 700
10% = 70
5% = 35
1% = 3.5 ✗
2% = 7 ✗

Error in the method without operations seen scores M0, if we saw the appropriate operations at each stage e.g. ÷ 10, we could score method mark(s).