4MA1/1H Jan 2020, Question 11: Compound Interest
Pearson Edexcel International GCSE Mathematics A 4MA1 · Paper 1H (Higher) · Calculator · 3 marks
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The question, in short
Max invests $6000 for 3 years at 1.5% compound interest for the first 2 years; the third-year rate changes and the final total is $6311.16. Find the third-year rate to 1 decimal place.
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Solution · 3 marks
- 16000 × (1 + 1.5/100)² = 6000 × (1.015)² = 6000 × 1.030225 = 6181.35
- 2Let r be the interest rate in the third year: 6181.35 × (1 + r/100) = 6311.16
- 3(1 + r/100) = 6311.16 / 6181.35 ≈ 1.021
- 4r = (1.021 − 1) × 100 = 2.1
Answer2.1%
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