Foundation June 2018 Paper 1 Q16
16. Sara inherits £1700.
She invests the money in an account paying 3% per year simple interest.
She plans to use the money from the account to go back-packing in 4 years’ time and estimates that she will need £2000.
Will Sara be able to afford to go back-packing if she only uses the money from the account?
Show how you decide. [3]
| Scheme | Marks | Comments |
|---|---|---|
| (1700 +) \(\dfrac{1700}{100} \times 3 \times 4\) | M2 | M1 for \(\dfrac{1700}{100} \times 3\ (= 51)\) |
| No and comparison of 204 with 300 or 1904 with 2000. | A1 | Allow ‘No she does not have enough’ (after e.g.1904 found) Allow ‘Yes’ with 1904 ‘as the £2000 was only an estimate’ |
| (3) |