4MA1/2F Nov 2021, 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 3-year investments of 25000 dollars: 4.5% compound interest yearly versus 1150 dollars simple interest yearly. Find how much more interest the compound option earns, to the nearest dollar.
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Solution · 4 marks
- 1Ali: 25 000 × 1.045³ = 28 529.15…, so interest = 3529.15…
- 2Badia: 1150 × 3 = 3450
- 3Difference: 3529.15… − 3450 = 79.15…
- 4= 79 dollars
Answer79
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