Foundation November 2024 Paper 3 Q26
26 Peter invests £4500 in a savings account for 3 years.
He gets 1.8% per year compound interest.
Work out the total amount of interest Peter gets. (3)
| Answer | Mark | Mark scheme |
|---|---|---|
| 247.4(0) | M1 | for a method to find the value of the investment or interest after 1 year, eg \(4500 \times 1.018\ (= 4581)\) or \(4500 \times 0.018\ (= 81)\) |
| M1 | for a method to find the value of the investment after 3 years, eg \(4500 \times 1.018^3\ (= 4747.4\ldots)\) or \(\text{``}4581\text{''} \times 1.018\ (= 4663.45\ldots)\) and \(\text{``}4663.45\ldots\text{''} \times 1.018\ (= 4747.4\ldots\) or \(4747.39\ldots)\) | |
| A1 | accept 247.39 SCB1 for 243 or 4743 if M0 scored |
Additional guidance
May be seen in more than one calculation
Award of this mark implies the first M1
Sight of 83.94... implies M2