excellence1
Member
- Joined
- Aug 5, 2015
- Messages
- 82
- Gender
- Female
- HSC
- 2016
Ellyse in year 12 and wants to buy a car when she finished school. She has saved a total of 8000. Ellyse sets up a car fund and deposits her savings in $P INTO THE FUND on the 1st of January 2014. The fund is paying 6% per annum in interest which is compounded monthly .
a) If Elyse makes no further deposits it would take 9 1/2 years for her investment to accumulate to 800. Show that p = 4530
b) To reach her target by the end of the year, Ellyse decides tthat after her initial deposit of $M at the beginning of each moth starting on the 1st of Fen 2014. She plans to collect her savings of $8000 on the 31st of December 2014 just after interest is paid. Find the value of her monthly deposits $M
a) If Elyse makes no further deposits it would take 9 1/2 years for her investment to accumulate to 800. Show that p = 4530
b) To reach her target by the end of the year, Ellyse decides tthat after her initial deposit of $M at the beginning of each moth starting on the 1st of Fen 2014. She plans to collect her savings of $8000 on the 31st of December 2014 just after interest is paid. Find the value of her monthly deposits $M