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Q9: Question – Paper 3 – November 2017
Q9: Question – Paper 3 – November 2017
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Question
9)
Jack bought a new boat for £12 500
The value, £V, of Jack’s boat at the end of n years is given by the formula
Jack bought a new boat for £12 500
The value, £V, of Jack’s boat at the end of n years is given by the formula
a) At the end of how many years was the value of Jack’s boat first less than 50% of the
value of the boat when it was new?
value of the boat when it was new?
[2 marks]
A savings account pays interest at a rate of R% per year.
Jack invests £5500 in the account for one year.
At the end of the year, Jack pays tax on the interest at a rate of 40%.
After paying tax, he gets £79.20
(b) Work out the value of R.
[3 marks]