Foundation November 2018 Paper 2 Q15
15 Remi invests £600 for 5 years in a savings account.
By the end of the 5 years he has received a total of £75 simple interest.
Work out the annual rate of simple interest. (3)
| Answer | Mark | Mark scheme |
|---|---|---|
| 2.5 | M1 | for \((R =) \dfrac{100I}{PT}\) or \(600 \times 5\ (= 3000)\) or \(75 \times 100\ (= 7500)\) or \(75 \div 5\ (= 15)\) or \(75 \div 600\ (= 0.125)\) |
| M1 | for \(\dfrac{75 \times 100}{600 \times 5}\) oe OR \(\dfrac{\text{``}15\text{''}}{600}\ (= 0.025)\) or \(\text{``}0.125\text{''} \div 5\ (= 0.025)\) or 1.025 | |
| A1 | cao |
Additional guidance
Calculations may be done in stages.
May work in decimals or in percentages