4024/22 May/Jun 2024, Question 3: Simple Interest
Cambridge O Level Mathematics 4024 · Paper 22 (Calculator) · Calculator · 6 marks
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The question, in short
Convert between MYR and PKR using given dollar rates, then find the simple interest rate x that matches a 4% compound investment over 2 years.
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Part (a) · 2 marks
Use $1 = 4.19 MYR and $1 = 179.12 PKR to find how many PKR equal 1 MYR.
- 14.19 MYR = 179.12 PKR
- 21 MYR = 179.12 ÷ 4.19 = 42.749… ≈ 42.75 PKR
Answer42.75
Part (b) · 4 marks
With $1500 each, 4% compound versus x% simple over 2 years giving equal amounts, calculate x.
- 1Farhad: 1500 × 1.04² = 1622.40
- 2Interest = 1622.40 − 1500 = 122.40
- 3Gulsan: 1500 × x/100 × 2 = 122.40, so 30x = 122.40
- 4x = 4.08
Answer4.08
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