C2 question. looking for alternative ways of finding the answer Watch

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john !!
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£1000 is placed in a bank account on 1st Jan each years, starting in 2000 and with the last addition in 2015. the bank pays interest at 5% on 31st Dec every year. how much is in the account on the 2nd Jan 2015?

this was in a C2 paper I did. how would you have solved it?
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BCHL85
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u1 = 1000.
u2 = u1*1.05
u3 = u2*1.05
So it's geometric series, isn;t it?
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john !!
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you haven't taken into account the additional £1000 added each successive year.
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fernando
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its something like
u1 = 1000
u2 = 1000 + 1000 x 1.05
u3 = 1000 + 1000 x 1.05 + 1000 x 1.05^2

i cant remember the rest of it though - we did this in a practice paper
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john !!
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yeah. I said it was the sum from r=1 to 15 of 1000(1.05^r), because the first 1000 gets 15 years of interest, the second 1000 gets 14 years of interest, all upto the last year (14th addition) which gets one year of interest.

you can say this is equal to 1000 times the sum from r=1 to 15 of (1.05^r), the latter is a geometric series which can be found and then multiplied by 1000 to get the final value.

however this wasn't taught to us at college so I was searching for a different method. I double checked using an iterative method on the calculator but I think this was too messy to test someone on becuase no one would write down their method.
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BCHL85
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Sorry..can't get it
The interest is 5% , so u2 = 1000 + 1000x5% = 1000x1.05? Why you got
u2 = 1000 + 1000 x 1.05?
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john !!
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(Original post by mik1w)
you haven't taken into account the additional £1000 added each successive year.

saosmaoosomsom junk to add charachters, 2 is not enough
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BCHL85
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Oh sorry , I didn't read the question carefully. Why at your college, it's not taught? Or it's not in C2? If it's not in C1 or C2 ... I think it's not C2 question
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john !!
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we weren't taught to manipulate sums like I had to do in my solution.
other people said they just did some lengthy repetetive calculations

I wonder what the markscheme will say, cos it threw me initially and I spent a long time on it.
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nas7232
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c2 specimen paper

markscheme > edexcel.org

we did this in a practise test last thursday. Got the last 2 parts of this question wrong.
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