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DSC1630 Solution Assignment 2 Semester 2 Full Test: DUE 22 August 2023

DSC1630 Solution Assignment 2 Semester 2 Full Test: DUE 22 August 2023
Question 1
Lindiwe de ides that she would like to buy her daughter, Mbali, a ar when she turns 21 in six years'
time. She deposits R6 000 ea h month into an amount earning 8,94% interest per year, ompounded
monthly. The amount that Lindiwe (rounded to the nearest rand) will have available six years from
now is
[1℄ R432 000.
[2℄ R335 896.
[3℄ R573 187.
[4℄ R568 948.
In this problem we have equal payments in equal time periods (monthly), plus the interest rate is
spe i ed as ompounded, thus we are working with annuities. We need to determine the future value
of an ordinary annuity. Thus we use the formula S = Rs i.
S = Rs i
= 6 000s 0,0894÷12
= 568 948,33 . . .
Lindiwe will have R568 948 available

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Specifications

Level: University
School: Walden University
Course: TEAS
Subject: Mathematics
All documents for this course ›
Document
Section: Examinations
Made on: 08-16-2023
Type: .pdf
Pages: 25
Language: English
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DSC1630 Solution Assignment 2 Semester 2 Full Test DSC1630 Assignment 2 Semester 2% Correct Answers

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