1MA0 Higher June 2012 Paper 2 Q17
17 Liam invests £6200 for 3 years in a savings account.
He gets 2.5% per annum compound interest.
How much money will Liam have in his savings account at the end of 3 years? (3)
| Working | Answer | Mark | Notes |
|---|---|---|---|
| \(6200 \times 1.025^3 =\) OR \(6200 + \frac{2.5}{100} \times 6200 = 6355\) \(6355 + \frac{2.5}{100} \times 6355 = 6513.875\) \(6513.875 + \frac{2.5}{100} \times 6513.875 =\) | 6676.72 | 3 | M2 for \(6200 \times 1.025^3\) (= 6676.72...) (M1 for \(6200 \times 1.025^n\), \(n \neq 3\)) A1 for 6676.72, accept 6676.71 or 6676.73 OR M1 for 6200 × 1.025 or for \(6200 + \frac{2.5}{100} \times 6200\) oe or for 6355 or 155 or 465 or 6665 M1 (dep) for a complete compound interest method shown for 3 years A1 for 6676.72, accept 6676.71 or 6676.73 [SC B2 for 476.71 or 476.72 or 476.73 seen ] |