4MA0 Higher June 2013 Paper 4R Q14
14 Jomo invested an amount of money at 4% per annum compound interest.
At the end of 2 years, the value of his investment was £3380
How much of the £3380 was interest?
(4)
| Scheme | Marks |
|---|---|
| 3380 ÷ 1.04 or 3250 or \(1.04^2\) or 1.0816 | M1 |
| 3250 ÷ 1.04 | M1 |
| 3125 | A1 |
| 255 | A1 |
| (4) |
Notes
M1: or M2 for \(3380 \div 1.04^2\) oe
A1: cao