Each year, the selling price of a diamond necklace rises by 5% compared with the price in the previous year. In the year 2000, the necklace was priced at $36000$.
(a)[3]
Write down a formula for the selling price of the necklace $n$ years later and hence determine the selling price in 2008.
(b)[2]
The company producing the necklace sells only one per year. Find the total money received in the ten-year interval beginning in 2000.
Worked solution & mark scheme
This 5-mark question has a full step-by-step worked solution and mark scheme. One marking point: “A suitable model is $36000(1.05)^n$.” …