Numeracy Higher June 2018 Unit 1 Q4
4.
(a)
Kingsley invests £3000 in an account that pays 2% compound interest per annum.
He does not make any further payments into his account. He does not withdraw any money from his account.
How much will Kingsley have in his account after two years? [3]
Amount in Kingsley’s account after two years is £ ……………………
(b)
Kingsley buys a portable Bluetooth speaker.
The speaker has been reduced by 20% in a sale.
He pays £72 for the speaker in the sale.
What was the original price of the speaker? [2]
Original price of the speaker is £ ……………………
| Scheme | Marks | Comments |
|---|---|---|
| 0.02 × 3000 + 3000 (= £3060) | M1 | Allow for sight of 3060 (irrespective of labelling) or for sight of 3120 (simple interest) |
| 0.02 × 3060 + 3060 | M1 | FT ‘their 3060’, mark is for the method (= £61.2(0) + £3060) |
| (£)3121.2(0) | A1 | CAO |
Alternative:
| Scheme | Marks | Comments |
|---|---|---|
| Sight of 1.022 × 3000 | M1 | |
| 1.0404 × 3000 | M1 | FT 'their 1.0404' incorrectly evaluated |
| (£)3121.2(0) | A1 | CAO |
If no marks, award SC1 for (£)2881.2(0) (from depreciation)
| Scheme | Marks | Comments |
|---|---|---|
| 72 ÷ 0.8 or 100 × 72 ÷ 80 | M1 | |
| (£) 90 | A1 | Accept an unsupported answer of (£)90 Allow M1, A1 for a (£)90 found from trial & improvement |