Higher January 2021 Paper 1R Q7
7 Kuro invests 50 000 yen for 3 years in a savings account.
She gets 2.4% per year compound interest.
Work out how much money Kuro will have in her savings account at the end of the 3 years.
Give your answer correct to the nearest yen.
(3)
| Scheme | Marks |
|---|---|
| 0.024 × 50 000 (= 1200) oe or 1.024 × 50 000 (= 51 200) oe or \(1.024^2\) × 50 000 (= 52 428.8) oe or 0.024 × 50 000 × 3 (= 3600) oe 0.024 × 50 000 × 3 + 50 000 (= 53 600) oe | M1 |
| 0.024 × (50 000 + ‘1200’) (= 1228.8) oe and 0.024 × (50 000 + ‘1200’ + ‘1228.8’) (= 1258.2912) or ‘1200’ + ‘1228.8’ + ‘1258.2912’ (= 3687.(0912)) or 1.024 × ‘52 428.8’ | M1 |
| Correct answer scores full marks (unless from obvious incorrect working) Answer: 53 687 | A1 |
| (3) | |
| (3 marks) |
Notes
M1: M2 for 50 000 × \(1.024^3\)
M1: for completing method to find total amount in the account
A1: accept 53 687 – 53 688
accept (1 + 0.024) or \(\left(1 + \dfrac{2.4}{100}\right)\) as equivalent to 1.024 throughout