Hard c2 solomon question
Amy plans to join a savings scheme in which she will pay in £500 at the start of each year.
One scheme that she is considering pays 6% interest on the amount in the account at the end of each year.
For this scheme,
(a) find the amount of interest paid into the account at the end of the second year, (3)
(b) show that after interest is paid at the end of the eighth year, the amount in the account will be £5246 to the nearest pound. (4)
One scheme that she is considering pays 6% interest on the amount in the account at the end of each year.
For this scheme,
(a) find the amount of interest paid into the account at the end of the second year, (3)
(b) show that after interest is paid at the end of the eighth year, the amount in the account will be £5246 to the nearest pound. (4)
Original post by drmitz
Amy plans to join a savings scheme in which she will pay in £500 at the start of each year.
One scheme that she is considering pays 6% interest on the amount in the account at the end of each year.
For this scheme,
(a) find the amount of interest paid into the account at the end of the second year, (3)
(b) show that after interest is paid at the end of the eighth year, the amount in the account will be £5246 to the nearest pound. (4)
One scheme that she is considering pays 6% interest on the amount in the account at the end of each year.
For this scheme,
(a) find the amount of interest paid into the account at the end of the second year, (3)
(b) show that after interest is paid at the end of the eighth year, the amount in the account will be £5246 to the nearest pound. (4)
What have you tried so far?
Original post by drmitz
Amy plans to join a savings scheme in which she will pay in £500 at the start of each year.
One scheme that she is considering pays 6% interest on the amount in the account at the end of each year.
For this scheme,
(a) find the amount of interest paid into the account at the end of the second year, (3)
(b) show that after interest is paid at the end of the eighth year, the amount in the account will be £5246 to the nearest pound. (4)
One scheme that she is considering pays 6% interest on the amount in the account at the end of each year.
For this scheme,
(a) find the amount of interest paid into the account at the end of the second year, (3)
(b) show that after interest is paid at the end of the eighth year, the amount in the account will be £5246 to the nearest pound. (4)
a) £500x1.06^2
b)longwinded answer-
(500 x 1.06) +(500 x 1.06^2)+(500 x 1.06^3)+(500 x 1.06^4)+(500 x 1.06^5)+(500 x 1.06^6)+(500 x 1.06^7)+(500 x 1.06^8) = £5245.657...... =£5246 (0 dp)
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