Financial Mathematics Quiz Worksheet - Math Studies 12 Year 2 Page 13
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15 Write your FULL name: ________________________________________
Working:
Answers:
(a) ..............................................
(b) ..............................................
(Total 8 marks)
22.
The table below shows the deposits, in Australian dollars (AUD), made by Vicki in an investment
account on the first day of each month for the first four months in 1999. The interest rate is 0.75%
per month compounded monthly. The interest is added to the account at the end of each month.
Month
Deposit (AUD)
January
600
February
1300
March
230
April
710
(a)
Show that the amount of money in Vicki’s account at the end of February is 1918.78 AUD.
(3)
(b)
Calculate the amount of Australian dollars in Vicki’s account at the end of April.
(2)
Vicki makes no withdrawals or deposits after 1st April 1999.
(c)
How much money is in Vicki’s account at the end of December 1999?
(2)
From 1st January 2000 the bank applies a new interest rate of 3.5% per annum compounded
annually.
(d)
In how many full years after December 1999 will Vicki’s investment first exceed 3300
AUD?
(2)
(Total 9 marks)
13
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