Foundation June 2024 Paper 2 Q25
25 Giovanni invests 4500 koruna in a savings account for 4 years.
He gets 2.4% per year compound interest.
Work out how much money Giovanni will have in the savings account at the end of 4 years.
Give your answer correct to the nearest koruna.
(3)
| Scheme | Marks |
|---|---|
| 4500 × 1.024 (= 4608) oe or 4500 × 0.024 (= 108) | M1 |
| “4608” × 1.024 (= 4718.592) and “4718.592”× 1.024 (= 4831.838…) and “4831.838”× 1.024 (=4947.80…) | M1 |
| Correct answer scores full marks (unless from obvious incorrect working) Answer: 4948 | A1 |
| (3) | |
| (3 marks) |
Notes
A1: 4947 – 4948
if no other mark awarded, SCB1 for
4500 × 0.024 × 4 (= 432)
0.096 × 4500 (=432) or
4500 + 4500 × 0.024 × 4 ( = 4932)
4500 × 1.096 (= 4932)
0.976 × 4500 (=4392) or
0.904 × 4500 (=4068) or
\(0.976^4 \times 4500\) (=4083…) or
\(4500 \times 1.024^3\) (= 4831.83...)
M2 for \(4500 \times 1.024^4\) or \(4500 \times 1.024^5\)