0580/21 May/Jun 2023, Question 13: Compound Interest
Cambridge IGCSE Mathematics 0580 · Paper 21 (Extended) · Calculator · 3 marks
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The question, in short
Anya invests $6000 at r% compound interest per year; after 8 years she has earned $621.70 interest. Calculate the value of r.
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Solution · 3 marks
- 16000 × (1 + r/100)⁸ = 6000 + 621.70 = 6621.70
- 2(1 + r/100)⁸ = 6621.70 ÷ 6000 = 1.103616…
- 31 + r/100 = ⁸√1.103616… = 1.012400…
- 4r = 1.24
Answer1.24
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