Calculate the common ratio for the increasing sequence of fees.

Give your answer correct to 2 decimal places.

The fees continue to increase in the same ratio.

Find the fees paid for 2006.

Give your answer correct to 2 decimal places.

The fees continue to increase in the same ratio.

A student attends the school for eight years, starting in 2000.

Find the total fees paid for these eight years.

\(r = \frac{{8320}}{{8000}}\) (or equivalent)     (M1)

Note: Award (M1) for dividing correct terms.

r = 1.04     (A1)     (C2)

Notes: In (b) and (c) (ft) from candidate’s r.

Allow lists, graphs etc. as working in (b) and (c).

[2 marks]

Financial penalty (FP) applies in this part

Fees = 8000 (1.04)⁶     (M1)

Note: Award (M1) for correct substitution into correct formula.

(FP)     Fees = 10122.55 USD (USD not required)     (A1)(ft)     (C2)

Note: Special exception to the note above.

Award maximum of (M1)(A0) if 5 is used as the power.

[2 marks]

Financial penalty (FP) applies in this part

\({\text{Total}} = \frac{{8000({{1.04}^8} - 1)}}{{1.04 - 1}}\)     (M1)

Notes: Award (M1) for correct substitution into correct formula.

Give full credit for solution by lists.

(FP)     Total = 73713.81 USD (USD not required)     (A1)(ft)     (C2)

[2 marks]

Many marks were lost through incorrect rounding or premature rounding (if a year by year approach was used).

This part was well attempted, errors being the use of 4% as the common ratio.

Many marks were lost through incorrect rounding or premature rounding (if a year by year approach was used).

The common error here was the use of the incorrect index in the formula.

Many marks were lost through incorrect rounding or premature rounding (if a year by year approach was used).

Attempts at calculation without use of the formula were largely unsuccessful.