WAEC Mathematics 2021 Theory — Question 21

Question 21 of 22 from the West African Examinations Council (WAEC) Mathematics 2021 Theory paper, with the correct answer and a full explanation.

13(a). On Sam's first birthday celebration, his grandfather deposited an amount of $1,000.00 in a bank compounded at 4% interest annually. Find how much is in the account if Sam is 4 years old.

Model answer

From age 1 to age 4 is 3 compounding periods. Amount = 1000×(1.04)³ = 1000×1.124864 = $1,124.86.

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