Numeracy Higher November 2019 Unit 2 Q10
10. On 1st January 2017, Samantha and Dyfan invested money into different savings accounts.
They did not make any further payments into their accounts or withdraw any money from their accounts.
(a) Samantha invested £2000 in a savings account that paid interest at a rate of 0·95% every 3 months.
Show that Samantha would have £2038.18 in the account after 6 months. [1]
(b) Dyfan invested £3000 in a savings account that paid interest at a rate of 1·02% every 3 months.
Interest is paid on the last day of each 3-month period.
Interest is paid on the last day of each 3-month period.
Calculate the date when Dyfan will first have over £3600 in his account. [4]
Date when Dyfan will first have over £3600 in his account is ……………
| Scheme | Marks | Comments |
|---|---|---|
| (£) 2000 × 1.00952 or equivalent | B1 | (£)19 added followed by (£)19.18(05) |
| Scheme | Marks | Comments |
|---|---|---|
| (£)3000 × 1.0102n | B1 | e.g. 3000 × 1.0102 = 3030.6(0) |
| 3000 × 1.010218 (= (£)3601.(25…) OR 1.010218 (=1.2004) | M1 | Allow 3000 × 1·010217(=(£) 3564.(89…)) with convincing work that (£) 3600 will be reached in 3 months’ time. |
| 54 (months) OR 4 years 6 months (Date =) 30th June or 1st July, 2021 | A1 A1 | ISW on 54 (months). May be implied CAO. Allow 31st June, 2021 This A1 implies the previous A1 |