Financial Mathematics Quiz Worksheet - Math Studies 12 Year 2 Page 11
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15 Write your FULL name: ________________________________________
(b) ..................................................................
(Total 8 marks)
18.
Kurt wants to invest 2000 Euros in a savings account for his new grandson.
(a)
Calculate the value of Kurt’s investment based on a simple interest rate of 4% per annum,
after 18 years.
Inge tells Kurt about a better account which offers interest at a rate of 3.6% per annum,
compounding monthly.
(b)
Giving your answer to the nearest Euro, calculate the value of Kurt’s investment after 18
years if he follows Inge’s advice.
Working:
Answers:
(a) ..................................................................
(b) ..................................................................
(Total 8 marks)
19.
In 2000 Herman joined a tennis club. The fees were £1200 a year. Each year the fees increase by
3%.
(a)
Calculate, to the nearest £1, the fees in 2002.
(b)
Calculate the total fees for Herman who joined the tennis club in 2000 and remained a
member for five years.
Working:
Answers:
(a) ..................................................................
11
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