Numeracy Higher June 2022 Unit 2 Q8
8. On 1st January 2022, Jay invested £850 in the Savrplus savings account with ‘Banc y Ddraig’.
The Savrplus account pays interest at a rate of 0·48% every month. The interest is paid on the last day of every month.
Jay does not plan to withdraw any money or make any further payments into the account.
Calculate the date when Jay will first have over £1000 in his account. [4]
Date when Jay will first have over £1000 in his account is …………
| Scheme | Marks | Comments |
|---|---|---|
| (£)850 × 1.0048n | B1 | e.g. 850 × 1.0048 = (£)854.08 |
| 850 × 1.004834 (= (£)1000.(29…) OR 1.004834 (=1.1768…) | M1 | |
| 34 (months) OR 2 years 10 months | A1 | CAO May be implied by (850 × 1.004834 =) (£)1000.(29…) |
| (Date =) 31st October or 1st November 2024 | A1 | Allow 30th October A correct answer of 31st October or 1st November 2024 implies the previous A1 If no marks awarded, SC1 for a date of 31st March or 1st April 2050 from using a multiplier of 1.00048 |