Higher June 2022 Paper 4 Q3
3 In January 2018, an art collector bought an antique painting.
In January 2020, he sold it for £17 640.
Assume the value of the painting increased by 5% each year.
Calculate the art collector’s profit.
You must show your working. [5]
| Answer | Marks | Part marks and guidance | |
|---|---|---|---|
| 1640 with correct working | 5 | “correct working” requires at least B1 M1 if trials used M1 M1 | |
| B1 for 1.05 or 1.1025 oe | B1 equiv. includes e.g. \(\frac{105}{100}\) and 105% | ||
| M2 for \(\frac{17640}{1.05^2}\) or \(\frac{17640}{1.1025}\) oe or M1 for \(\frac{17640}{1.05}\) oe or \(n \times 1.05^k = 17\,640\) (\(k = 1\) or 2 or 3) | M2 implied by 16 000 M1 implied by 16 800 | ||
| Trials We need value and its result for M1 M1 for each correct trial up to a maximum of M3 | |||
| M1 for 17 640 − their 16 000 | can be implied by answer and their 16 000 must be less than 17 640 | ||
| If 0, 1 or 2 scored instead award SC3 for answer 1640 with no working or insufficient working | |||