Higher November 2024 Paper 4 Q5
5 A person invests £8000 at a rate of 5% per year compound interest.
Calculate the total amount of interest earned after 3 years. [3]
| Answer | Marks | Part marks and guidance | |
|---|---|---|---|
| 1261 | 3 | M2 for \(8000\left(1 + \frac{5}{100}\right)^3\) oe or M1 for their 9261 – 8000 or \(\left(1 + \frac{5}{100}\right)^3\) oe implied by 1.157[625] or 1.158 | M2 implied by 9261 Note : 9200 and 1200 are the results by simple interest and score 0 |