O-LevelMathematicsNumber4024/23 · May/June 2025 · Q96 Marks
Ameerah invests $480 in a savings account. The account pays simple interest at a rate of 3.6% per year. Calculate the value of the investment at the end of 5 years.
- (a)Ameerah invests $480 in a savings account. The account pays simple interest at a rate of 3.6% per year. Calculate the value of the investment at the end of 5 years.[3]
- (b)Ben invests $600 in a different savings account. The account pays compound interest at a rate of 2.7% per year. Calculate the total amount of interest paid to Ben at the end of 4 years.[3]
Mark scheme
Marking points from the official mark scheme (May/June 2025). The mark or mark type is shown in brackets.
- [3] 566.4[0]
- B2 for final answer 86.4[0]
- or M2 for 480 × 3.6/100 × 5 + 480 oe
- or M1 for 480 × 3.6/100 [×5] oe
- [3] 67.47
- B2 for final answer 667, 667.5 or 667.47[...]
- or M2 for 600 × (1 + 2.7/100)^4 - 600 oe
- or M1 for 600 × (1 + 2.7/100)^4 oe
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