4MA0 Higher January 2017 Paper 3R Q14
14 Amil invests £9000 for 3 years in a savings account.
He gets 1.8% per year compound interest.
How much money will Amil have in his savings account at the end of 3 years?
(3)
| Scheme | Marks |
|---|---|
| 9000 × 0.018 (= 162) or 9000 × 1.018 (=9162) | M1 |
| (9000 + “162”)×0.018 (=164.916) (“9162” + “164.916”)×0.018 (= 167.88…) “9162” + “164.916” + “167.88” | M1 |
| 9494.8(0) | A1 |
| (3) | |
| (3 marks) |
Notes
M1: or for \(\dfrac{3 \times 1.8}{100} \times 9000\) (=486) or 9486
M1: for complete method
A1: accept 9494.8 - 9495
or M2 for \(9000 \times 1.018^3\)