4MA1/2H Jan 2019, Question 7: Compound Interest
Pearson Edexcel International GCSE Mathematics A 4MA1 · Paper 2H (Higher) · Calculator · 6 marks
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The question, in short
Jenny invests $8500 for 3 years at 2.3% per year compound interest; Rami's house changes by +15% then −8%, reaching $687700 on 1 January 2017.
Summarised in our own words. Use the official paper for the exact wording and any diagrams.
Part (a) · 3 marks
Find the amount in Jenny's savings account after 3 years, to the nearest dollar.
- 18500 × 1.023 = 8695.5
- 28695.5 × 1.023 = 8895.4965
- 38895.4965 × 1.023 = 9100.09
- 49100
Answer9100
Part (b) · 3 marks
Work out the value of Rami's house on 1 January 2015.
- 1687700 ÷ 0.92 = 747500
- 2747500 ÷ 1.15 = 650000
- 3650 000
Answer650 000
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