Foundation November 2022 Paper 2 Q15
15 Kai invests £600 at a simple interest rate of \(r\)% each year.
After 5 years, Kai’s investment is worth £690.
Find the value of \(r\).
\(r =\) .................... [4]
| Answer | Marks | Part marks and guidance | |
|---|---|---|---|
| 3 | 4 | M3 for \(\dfrac{690 - 600}{5 \times 600}\) [\(\times 100\)] oe or M2 for \(\dfrac{690 - 600}{5}\) oe or for \(\dfrac{690 - 600}{600}\) oe or M1 for \(690 - 600\) or \(\dfrac{690}{600}\) or for \(\dfrac{600 \times r \times 5}{100}\) oe | Eg \(\dfrac{18}{600}\) [\(\times 100\)] or implied by [0].03 M2 implied by 18 or [0].15 or 15% M1 implied by 90 or 1.15 |