0580/22 May/Jun 2022, Question 14: Compound Interest
Cambridge IGCSE Mathematics 0580 · Paper 22 (Extended) · Calculator · 3 marks
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The question, in short
Carlos invests $4540 at r% yearly compound interest; after 10 years interest earned is $1328.54. Find the value of r.
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Solution · 3 marks
- 1Amount = 4540 + 1328.54 = 5868.54
- 24540 × (1 + r/100)¹⁰ = 5868.54
- 3(1 + r/100)¹⁰ = 5868.54 ÷ 4540 = 1.29263…
- 41 + r/100 = ¹⁰√1.29263… = 1.02600…
- 5r = 2.600… ≈ 2.60
Answer2.60 or 2.600…
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