4024/23 May/Jun 2026, Question 17: Compound Interest
Cambridge O Level Mathematics 4024 · Paper 23 (Calculator) · Calculator · 3 marks
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The question, in short
Zahir invests $3000 at x% compound interest per year; after 6 years the account holds $3918. Calculate the value of x.
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Solution · 3 marks
- 13000 × (1 + x/100)⁶ = 3918
- 2(1 + x/100)⁶ = 3918 ÷ 3000 = 1.306
- 31 + x/100 = 1.306^(1/6) = 1.04549…
- 4x = 4.55
Answer4.55 or 4.549…
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