0580/13 May/Jun 2023, Question 22: Compound Interest
Cambridge IGCSE Mathematics 0580 · Paper 13 (Core) · Calculator · 3 marks
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The question, in short
Calculate the value of an $8500 investment after 6 years at 3.5% per year compound interest, rounded to the nearest dollar.
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Solution · 3 marks
- 1Value = 8500 × (1 + 3.5/100)⁶
- 2= 8500 × 1.035⁶
- 3= 10 448.67…
- 4≈ $10 449
Answer10449
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