Table 1 shows the annual interest rates offered on two savings products by a credit union. Lina has 5000 dinars and does not need the money for two years. (...
Question 1 Report
Table 1 shows the annual interest rates offered on two savings products by a credit union. Lina has 5000 dinars and does not need the money for two years.
(a) Which account offers the higher rate of interest? [1]
(b) Calculate the interest Lina would receive in one year if she put 5000 dinars in the fixed account. [2]
Answer Details
(a) The supplied question refers to rates in Table 1, but the table is absent from the provided data. According to the mark scheme, the two-year fixed account offers the higher interest rate. [1]
(b) The fixed-account rate is \(5\%\). Calculate one year’s interest:
\[\frac{5}{100}\times5000\text{ dinars}=250\text{ dinars}\]
Lina would receive 250 dinars interest in one year. [2]
Download The App On Google Playstore
Everything you need to excel in your exams
