4MA0 Higher January 2012 Paper 3 Q10
10 A bank pays compound interest of 6% per annum on its savings accounts.
Julia invests $7500 for 3 years.
Calculate the total interest gained after 3 years.
(3)
| Scheme | Marks |
|---|---|
| 6/100 × 7500 (=450) {1st Year} or 1.06 × 7500 (=7950) | M1 |
| “450” + “477” + “505.62” | M1 |
| 1432.62 | A1 |
| (Total 3 marks) |
Notes
M1: M2 for \(1.06^3 \times 7500\) (=8932.62)
M1: Calculating 6% of previous capital for another 2 years.
A1: M1A0 for 1350 or 8850