Foundation November 2017 Paper 2 Q25
25. Seb wants to travel around the world in 7 years’ time.
In total, he will need £4000.
Seb has just been given £3000.
He invests this in an account that pays 2·5% interest per annum.
How much extra money will Seb need in 7 years’ time?
Give your answer correct to the nearest pound. [3]
Extra money needed ………………
| Scheme | Marks | Comments |
|---|---|---|
| \(3000 \times 1.025^7\) | M1 | Or equivalent full method. Use of 25% in the calculation is not a misread |
| (£)3566(.0572…) | A1 | |
| (£)434 | B1 | CAO Provided at least 6 years of correct calculations, with incorrect interpretation of the number of years, allow MR-1, then possible M1, A1 but B0 |
| (3) |