Each week Leah works 5 days and is paid a total of $682. Each day she works from 0845 until 1215 and then from 13 15 until 1730.
- (a)Calculate Leah's hourly rate of pay.[2]
- (b)Carlos buys a new bicycle. After one year he sells it for $231. He makes a loss of 16% on the price he paid. Calculate the price Carlos paid for the bicycle.[2]
- (c)The exchange rate between dollars ($) and euros (€) is $1 = €0.44 . Henry changes $850 to euros for his holiday. He spends €260 when he is on holiday. He changes the rest of the money back to dollars at the same exchange rate. Calculate how much money in dollars he receives. Give your answer correct to the nearest dollar.[3]
- (d)Anya has $3000 to invest in a savings account for 3 years. She can choose from these two accounts. Account A: Year 1 1.1% interest, Year 2 1.2% interest added to end of Year 1 total, Year 3 1.4% interest added to end of Year 2 total. Account B: Fixed rate of compound interest 1.3% per year. She chooses the account that will give her more money at the end of the 3 years. Decide which account she chooses and find the amount she will have in her account at the end of 3 years.[4]
Mark scheme
Marking points from the official mark scheme (May/June 2018). The mark or mark type is shown in brackets.
- [2] B1 for 7 (hours) 45 (minutes) or 7.75 (hours) or M1 for 682 ÷ (5 × their 7.75) oe
- [2] M1 for (100-16)/100 x = 231 oe or SC1 for answer 44
- [3] M2 for (850×0.44-260) / 0.44 oe or M1 for 850 × 0.44 or 260 ÷ 0.44 or (their 374-260) ÷ 0.44
- [4] M1 for [3000 ×] 1.011 × 1.012 × 1.014 oe
- M1 for [3000 ×] 1.013^3 oe
- A1 for 3112.37_or 3118.53 or 1.037[...] or 1.0395[...]
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