Higher January 2022 Paper 1 Q11
11 Himari invests 200 000 yen for 3 years in a savings account paying compound interest.
The rate of interest is 1.8% for the first year and \(x\)% for each of the second year and the third year.
The value of the investment at the end of the third year is 209 754 yen.
Work out the value of \(x\)
Give your answer correct to one decimal place.
(3)
| Scheme | Marks |
|---|---|
| eg 200 000 × 0.018 (= 3600) or 200 000 × 1.018 (= 203 600) | M1 |
| eg \(\sqrt{209\,754 \div \text{``}{203\,600}\text{''}}\) (= 1.015000…) | M1 |
| 1.5 | A1 |
| (3) | |
| (3 marks) |
Notes
M1: for method to find 1.8% or 101.8% of 200 000
M1: for a complete method to find the multiplier for the compound interest for 2nd and 3rd year
A1: or better eg 1.500045971…