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1. Jessica deposits RM15,000 at the start of every year into her CIMB bank account. The
interest paid by the bank is 3% annually. Any interest she received is kept in the bank.
Compute the total savings at the end of each year for 5 years. (You may construct a table
to present the values).
[10m]
ANNUITY DUE
r 3
= =3 =0.03
i k 1
n=k ( T ) =1 ( 5 ) =5
A=PMT [ i ]
( 1+ i )n 1
(1+i)
1st years
A=15,000 [ ( 1+0.03 )11
0.03 ] (1+ 0.03 )
=15,000 x 1 x 1.03
=RM15,450
[ ]
nd
2 years ( 1+0.03 )21
A=15,000 (1+ 0.03 )
0.03
[ ]
th
4 years ( 1+0.03 )41
A=15,000 ( 1+0.03 )
0.03
1
6
i r = 2 =6.5 =0.065
k 1
n=k ( T ) =1 ( 5 ) =5
I.
the future value of the amount in the bank in 5 years.
Formula Applied : FV = M = P ( 1 + i )n
Equation Information : (i) = 6.5 % , P = RM 10,500,000 , n = 5
Solution :
= 10,500,000 ( 1 + 0.065)5
= RM 14,385,909.97
II.
the shortage in 5 years.
Solution :
RM 21,300,000 RM 14,385,909,97
= RM 6,914,090.03
III.
the interest earned in part (I).
Formula Applied : M = P + I
Solution: I = M P
= RM 14,385,909.97 RM 10,500,000
= RM 3,885,909.97
3. Create an invoice for 8 items which are related to a company. Compute the total
invoice amount that have been created if the trade discount is 10/15, cash discount is
15/10, 8/20, n/60 and the invoice was paid on the 18th day of the invoice date. Include the
shipping and insurance amount of RM 15 into the invoice. More marks will be given for
creativity of the invoice.