Exam-Style Question on Finance
A mathematics exam-style question with a worked solution that can be revealed gradually
Question id: 281. This question is similar to one that appeared on a GCSE Higher paper in 2017. The use of a calculator is allowed.
Montague invests £7000 for six years in a bank offering compound interest at \(x%\) per annum.
The investment is worth £7654.10 at the end of the six years.
Find the value of \(x\).
The worked solutions to these exam-style questions are only available to those who have a Transum Subscription.
Subscribers can drag down the panel to reveal the solution line by line. This is a very helpful strategy for the student who does not know how to do the question but given a clue, a peep at the beginnings of a method, they may be able to make progress themselves.
This could be a great resource for a teacher using a projector or for a parent helping their child work through the solution to this question. The worked solutions also contain screen shots (where needed) of the step by step calculator procedures.
A subscription also opens up the answers to all of the other online exercises, puzzles and lesson starters on Transum Mathematics and provides an ad-free browsing experience.
Drag this panel down to reveal the solution
If you need more practice try the self-checking interactive exercises called Interest.
©1997 - 2022 Transum Mathematics :: For more exam-style questions and worked solutions go to Transum.org/Maths/Exam/