4MA1/1H Jun 2020, Question 13: Compound Interest
Pearson Edexcel International GCSE Mathematics A 4MA1 · Paper 1H (Higher) · Calculator · 3 marks
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The question, in short
Jan invests $8000 at x% compound interest per year; after 6 years the account holds $8877.62. Find x, giving the answer to 2 decimal places.
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Solution · 3 marks
- 18000 × (1 + x/100)⁶ = 8877.62
- 2(1 + x/100)⁶ = 8877.62 ÷ 8000 = 1.1097…
- 31 + x/100 = ⁶√1.1097… = 1.0175
- 4x = 1.75
Answer1.75
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