4MA1/2F Jan 2023, Question 23: Compound Interest
Pearson Edexcel International GCSE Mathematics A 4MA1 · Paper 2F (Foundation) · Calculator · 4 marks
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The question, in short
Compare two 2-year investments of 5000 Swiss francs: Bank G at 1.6% yearly compound interest versus Bank H adding 2.9% after two years. Find how much more interest Bank G pays.
Summarised in our own words. Use the official paper for the exact wording and any diagrams.
Solution · 4 marks
- 15000 × 1.016 = 5080
- 25080 × 1.016 = 5161.28
- 35000 × 0.029 = 145
- 45161.28 − (5000 + 145) = 16.28
Answer16.28
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