Higher June 2018 Paper 2 Q15
15.
(a) £500 was invested in a savings account for Harry when he was born.
The compound interest paid on this account was 2·1% per annum.
On his 18th birthday he was given the full amount from the savings account.
How much money did Harry receive?
Give your answer correct to the nearest penny. [3]
The compound interest paid on this account was 2·1% per annum.
On his 18th birthday he was given the full amount from the savings account.
How much money did Harry receive?
Give your answer correct to the nearest penny. [3]
(b) Mina was given £\(x\), which she invested in an account paying \(y\)% compound interest per annum.
How much will Mina’s investment be worth after 6 years?
Give your answer as an expression in terms of \(x\) and \(y\). [2]
How much will Mina’s investment be worth after 6 years?
Give your answer as an expression in terms of \(x\) and \(y\). [2]
| Scheme | Marks | Comments |
|---|---|---|
| \(500\times1.021^{18}\) | M2 | M1 for sight of \(500\times1.021\) or equivalent |
| (= £)726.83 | A1 | CAO |
| Scheme | Marks | Comments |
|---|---|---|
| (£) \(x\times(1 + y/100)^6\) or equivalent | B2 | ISW B1 for sight of \(x\times(1+\ldots.)^6\) or \((1 + y/100)^6\) or \(x(y/100)^6\) B0 for \(x\times1.y^6\) |
| (5) |