Question 1
3 marksA quiz has 8 prizes. The first prize is £\(P\), and each prize after the first is worth 75% of the prize before it. The total value of the 8 prizes is £10 000.
Find the value of \(P\), correct to the nearest penny.
[Geometric series: \(S_n = \dfrac{a(1 - r^n)}{1 - r}\)]
Model answer
The prizes form a geometric series with first term \(P\) and common ratio 0.75.
\(S_8 = \dfrac{P(1 - 0.75^8)}{1 - 0.75} = 10000\)
\(4P(1 - 0.100112\ldots) = 10000\)
\(3.59955\ldots P = 10000\)
\(P = 2778.126\ldots\)
The first prize is £2778.13 (to the nearest penny).
Explanation
The prizes form a geometric sequence with first term \(P\) and common ratio 0.75, so their total is \(S_8\). Setting \(S_8 = 10000\) and solving gives \(P\), which must be rounded to the nearest penny. A common error is to use the 8th term, \(P \times 0.75^7\), instead of the sum.
Mark scheme
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1 mark
M1 Uses the sum formula with \(r = 0.75\) and \(n = 8\) and sets it equal to 10 000: \(\dfrac{P(1 - 0.75^8)}{1 - 0.75} = 10000\); or a correct final answer of £2778.13 with no working
An answer of £2778.13 with no working scores 3 marks. Using \(n = 7\), or setting the 8th prize \(P \times 0.75^7\) equal to 10 000, scores M0.
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1 mark
A1 A correct equation with the power evaluated, e.g. \(4P(1 - 0.1001\ldots) = 10000\) or \(3.5995\ldots P = 10000\)
Accept \(P = \dfrac{2500}{1 - 0.75^8}\) oe.
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1 mark
A1 \(P = 2778.13\)
Depends on the M mark. Must be to the nearest penny: do not accept 2778.1, 2778 or 2780 as the final answer. Units not required. The exact value is 2778.126...