Aussie Maths & Science Teachers: Save your time with SmarterEd
On 1 January 2020, Dion invested $10 500 into an investment account paying compound interest of 0.52% quarterly.
At the end of each quarter, after the interest was credited, Dion added an additional amount of money.
Let
This additional amount per quarter is modelled by the recurrence relation
The balance of Dion's investment account on 1 January 2022 was $12 700.95
The value of
Enrico invests $3000 in an account that pays interest compounding monthly.
After four years, the balance of the account is $3728.92
The effective annual interest rate for this investment, rounded to two decimal places, is
Samuel opens a savings account.
Let
The month-to-month value of
--- 3 WORK AREA LINES (style=lined) ---
--- 2 WORK AREA LINES (style=lined) ---
If Samuel had deposited an additional $50 at the end of each month immediately after the interest was added, how much extra money would be in the savings account after one year?
Round your answer to the nearest dollar. (1 mark)
--- 3 WORK AREA LINES (style=lined) ---
| a. | ||
b.
c.
Twenty years ago, Hector invested a sum of money in an account earning interest at the rate of 3.2% per annum, compounding monthly.
After 10 years, he made a one-off extra payment of $10 000 to the account.
For the next 10 years, the account earned interest at the rate of 2.8% per annum, compounding monthly.
The balance of his account today is $686 904.09
The sum of money Hector originally invested is closest to