4MA0 Higher January 2017 Paper 3 Q13
13 Micah invests $4000 for 3 years at 2.75% per year compound interest.
Work out the value of the investment at the end of 3 years.
(3)
| Scheme | Marks |
|---|---|
| 0.0275 × 4000 (=110) | M1 |
| E.g. 0.0275 × (4000 + “110”) (=113.025) and 0.0275 × (4000 + “110” + “113.025”) | M1 |
| 4339.16 | A1 |
| (3) | |
| (3 marks) |
Notes
M1: for interest for first year
or
330 or
answer of 4330
M1: for a complete method
A1: Accept answer in range 4339 – 4340
NB: Answer in range 339 – 340 gets M2A0
or M2 for \(1.0275^3 \times 4000\) oe