Higher June 2022 Paper 2 Q9
9 Pasha invests 50 000 dollars in a savings account for 4 years.
He gets 1.3% per year compound interest.
Work out how much money Pasha will have in his savings account at the end of 4 years.
Give your answer correct to the nearest dollar.
(3)
| Scheme | Marks |
|---|---|
50 000 × 1.013 (=50 650) oe Or 50 000 × 0.013 ( = 650) oe (NB: accept \(\left(1 + \dfrac{1.3}{100}\right)\) for 1.013 but not (1 + 1.3%)) | M1 |
| “50 650” × 1.013 (=51 308.45) “51 308.45”× 1.013 (=51 975.45...) “51 975.45...”× 1.013 | M1 |
| 52 651 | A1 |
| (3) | |
| (3 marks) |
Notes
M1: For finding 101.3% or 1.3% of 50 000
M1: dep for a complete method
A1: awrt 52 651
if no marks awarded then SCB1 for
\(50\,000 \times 0.013^n\)
\(50\,000 \times 0.987^4\) (= 47450…..)
50 000 × 0.052 (= 2600)
50 000 × 1.052 ( (= 52600)
\(50000 \times 1.013^2\) ( = 51308.45)
\(50000 \times 1.013^3\) (= 51975.45…)
M2 for \(50000 \times 1.013^4\)
or \(50000 \times 1.013^5\)