COPY AND ANSWER (1 WHOLE) - RUBY

1. If you deposit P4000 into an account paying 6% annual interest compounded quarterly,
how much money will be in the account after 5 years?
2. How much money would you need to deposit today at 9% annual interest compounded monthly
to have P12000 in the account after 6 years?
3. Find the maturity value and interest if P10, 000 is deposited in a bank at 2% compounded
monthly for 5years.
4. Find the present value of P50, 000 due in 4 years if money is invested at 12% compounded semi-
annually.
5. How much should Kaye set aside and invest in a fund earning 2% compounded quarterly if she
needsP75, 000 in 15 months?

COPY AND ANSWER (1 WHOLE) - JADE

1. Ben deposited $6,500 in a simple interest account that pays 2.8% interest annually. If Ben
leaves the money in the account for 12 years, how much interest will he earn?
2. Derek deposited $3,000 in a simple interest account 3 years ago. He has earned $360 in interest
so far. What is the interest rate for his account?

COMPLETE THE TABLE BELOW.

Principal Rate Time Interest Maturity Value
(P) (r) (t) (Is) (F)
60, 000 4% 15 (a) (b)
(c) 12% 5 15, 000 (d)
50, 000 (e) 2 (f) 59, 500
1,000,000 0.25% 6.5 (g) (h)