Jai recently inherited $92 000. He decides to invest it for 10 years before he spends any of it. The three banks in his town offer the following terms: Bank A: 5 1/2% p.a. compounded yearly. Bank B: 5 1/4% p.a. compounded quarterly. Bank C: 5% p.a. compounded monthly. Which bank offers Jai the greatest interest in his inheritance?
1.) Jai recently inherited $92 000. He decides to invest it for 10 years before he spends any of it. The three banks in his town offer the following terms:
Bank A: 5 1/2% p.a. compounded yearly.
Bank B: 5 1/4% p.a. compounded quarterly.
Bank C: 5% p.a. compounded monthly.
Which bank offers Jai the greatest interest in his inheritance?
2.) What initial investment is required to produce a maturing amount of $15 000 in 60 months ‘ time given a guaranteed fixed interest rate of 5.5% p.a. compounded annually? Round your answer up to the next dollar.
3.) What inital investment will yield 4 000 000 in 8 years’ time if your money can be invested at 3.6% p.a. compounded annually?
(deals with sequences and series)
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