Higher November 2019 Paper 2 Q13
13 Sakira invested £3550 in a savings account for 3 years.
She was paid 2.6% per annum compound interest for each of the first 2 years.
She was paid \(R\)% interest for the third year.
Sakira had £3819.21 in her savings account at the end of the 3 years.
Work out the value of \(R\).
Give your answer correct to 1 decimal place. (3)
| Answer | Mark | Mark scheme |
|---|---|---|
| 2.2 | P1 | works out interest for one year, eg \(3550 \times 0.026\ (= 92.3(0))\) or \(3550 \times 1.026\ (= 3642.3(0))\) |
| P1 | for compound interest calculation, eg \(3550 \times 1.026^2\ (= 3736.9\ldots)\) or for an answer given as \(0.0219\ldots\) or \(1.0219\ldots\) | |
| A1 | answer in range 2.19 to 2.2 |
Additional guidance
If an answer in the range is seen in working and then incorrectly rounded award full marks