Foundation June 2023 Paper 3 Q19
19 Jenny invests £3000 for 6 years at \(y\)% simple interest per year.
At the end of the 6 years, Jenny has received a total of £450 in interest.
Work out the value of \(y\). (3)
| Answer | Mark | Mark scheme |
|---|---|---|
| 2.5 | P1 | for \(450 \div 6\ (= 75)\) or statement \(450 = \dfrac{3000 \times 6 \times y}{100}\) oe or \(\dfrac{450}{3000}\ (= 0.15)\) or \(\dfrac{450 \times 100}{3000}\ (= 15)\) |
| P1 | for \(\text{``}75\text{''} \div 3000\ (= 0.025)\) or \((y =)\ \dfrac{450 \times 100}{3000 \times 6}\) oe or \(\dfrac{\text{``}0.15\text{''}}{6}\ (= 0.025)\) or \(\dfrac{\text{``}15\text{''}}{6}\) or \(\dfrac{3000 + \text{``}75\text{''}}{3000}\ (= 1.025)\) | |
| A1 | cao |