Apps. and Interpretation for IBDP Maths Ebook 1 | Page 85

By TVM Solver :
N�
5
I% � 6
PV � ?
PMT � 0
(M1)(A1) for correct values
FV � 32117.41386
P / Y �1
C / Y � 2
PMT : END
Q � 23898 USD A1 N3
[3]
Exercise 23
1. For this question, give all the answers correct to the nearest 100 EUR.
Aaron invested 360000 EUR in an account that pays a nominal annual interest rate of 3%,
compounded half-yearly.
(a)
(b)
Find the value of P , the amount of money after 8 years.
[3]
An amount of money Q is invested for 8 years at a nominal annual interest rate of
3%, compounded monthly. The amount of money after 8 years is P . Find the
value of Q .
[3]
9
2. $125000 is invested for 12 years at a nominal annual interest rate of 8%, compounded
yearly.
(a)
(b)
Find the amount of money after 12 years, give the answer correct to the nearest
1000 dollars.
[3]
Find the minimum number of complete years required for the amount of money to
be doubled.
[3]
3. $P is invested for 5 years at a nominal annual interest rate of 4%, compounded quarterly.
The amount of money after 5 years is 87000 AUD.
(a)
(b)
Find the value of P , give the answer correct to the nearest AUD.
[3]
Find the minimum number of complete years required for the amount of money to
be $2.5P .
[3]
www.seprodstore.com
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