Paper 2 Higher - Sample Assessment Q10 Answers
10) Katy invests £2000 in a savings account for 3 years.
The account pays compound interest at an annual rate of
The account pays compound interest at an annual rate of
2.5% for the first year
x% for the second year
x% for the third year
x% for the second year
x% for the third year
There is a total amount of £2124.46 in the savings account at the end of 3 years.
(a) Work out the rate of interest in the second year.
(4 marks)
Katy goes to work by train.
The cost of her weekly train ticket increases by 12.5% to £225
(b) Work out the cost of her weekly train ticket before this increase.
(2 marks)
(Total for Question 10 is 6 marks)