Calculate the amount of money that Emma would have in her account after 15 years. Give your answer correct to the nearest Euro.

After a period of time she decides to withdraw the money from this bank. There is \({\text{€}}9058.17\) in her account. Find the number of months that Emma had left her money in the account.

\(FV = 8000{(1.0125)^{60}}\)     (M1)(A1)

Note: (M1) for substituting in compound interest formula, (A1) for correct substitution.

\({\text{€}}16857\) only     (A1)     (C3)

[3 marks]

\(8000{(1.0125)^n} = 9058.17\)     (M1)

Note: (M1) for equating compound interest formula to \(9058.17\)

\(n = 10\) correct answer only     (A1)

So 30 months, (ft) on their \(n\)      (A1)(ft)     (C3)

Note: Award (C2) for \(2.5\) seen with no working.

[3 marks]

Again this is a question that has been tested before but few candidates managed to gain full marks. Many, in part (b), believed they had to subtract \(8000\) from the value to get the interest first. This could possibly be a result of the way the formula is given in the formula booklet so teachers need to be aware of this.

Again this is a question that has been tested before but few candidates managed to gain full marks. Many, in part (b), believed they had to subtract \(8000\) from the value to get the interest first. This could possibly be a result of the way the formula is given in the formula booklet so teachers need to be aware of this.