Foundation June 2022 Paper 3 Q11
11 Mr Fox invests £400 in a savings account that pays 3% simple interest per year.
Work out the total amount of interest Mr Fox will have earned at the end of the 5th year. [2]
| Answer | Marks | Part marks and guidance | |
|---|---|---|---|
| 60 | 2 | M1 for \(\dfrac{400 \times 3 \times 5}{100}\) oe If 0 scored, SC1 for answer 460 | Any attempt at compound interest scores 0 M1 may be in stages e.g. \(400 \times \dfrac{3}{100} = 12\) and \(12 \times 5\) M1 allow \(4 \times 3 \times 5\) or \(12 \times 5\) |