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1. If an invested amount is to double in seven years, find the nominal interest rate at which it must be invested if interest is compounded quarterly.

2. A monthly deposit of R1 600 is made at the end of each month into an account at an interest rate of 12% p.a. compounded monthly.

(a) How much is in the account immediately after the 15th monthly deposit of R1 600?

(b) Use the appropriate Excel function (FV or PV) to compute (a).

Note: The final deposit will take place at the beginning of month 15.

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Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M91699364

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