4MA0 Higher June 2011 Paper 3 Q9
9 Ella invested $8000 for 3 years at 5% per annum compound interest.
Calculate the value of her investment at the end of 3 years.
(3)
| Scheme | Marks |
|---|---|
| eg \(\frac{5}{100} \times 8000 = 400\) \(\frac{5}{100} \times (8000 + \text{“}400\text{”}) = 420\) \(\frac{5}{100} \times (8000 + \text{“}400\text{”} + \text{“}420\text{”}) = 441\) 8000+“400”+“420”+“441” OR \(8000 \times 1.05^3\) | M1 M1 |
| 9261 | A1 |
| (Total 3 marks) |
Notes
A1: Cao
M1 for eg \(\frac{5}{100} \times 8000\) or 400
M1 for completing method
OR M2 for \(8000 \times 1.05^3\) (M1 for 8000×1.05 or 8400 or \(8000 \times 1.05^2\) or \(8000 \times 1.05^4\))
Accept (1 + 0.05) as equivalent to 1.05 throughout.
SC If no other marks gained, award M1 for 8000×1.15 oe or 9200