Answers
QMI1500 Assignment 3 Semester 2 2019 Answers
- Course
- Institution
QMI1500 Assignment 3 Semester 2 Answers with workings
[Show more]
8 reviews
By: ndyebophillips7 • 3 year ago
By: dipuowitness • 4 year ago
By: laphoshmagavha • 4 year ago
By: innoflava • 4 year ago
By: Charlie1101 • 5 year ago
By: Bonolo22 • 5 year ago
By: ramitha885 • 5 year ago
Seller
Follow
aj107
Reviews received
Content preview
Elementary Quantitative MethodsQMI1500
Semester 2
Department of Decision Sciences
Assignment 3
Study material: Chapters 1, 2 and 3 in the Study Guide
Unique assignment number: 795275
Question 1 and 2 are based on the following information:
Seven years ago Mitch invested R14 950 at a simple interest rate of 9,5% per year. Four
years ago he withdrew the accumulated sum and reinvested it at a different yearly simple
interest rate. The total accumulated sum that Mitch has in his account now, is R28 431,91.
Question 1
The accumulated sum that Mitch reinvested four years ago is
[1] R19 628,34
[2] R18 500,63
[3] R19 210,75
[4] R20 631,00
Solution:
14 950 (1 + 9,5 ÷ 100 × 4) = 20 631.00
Question 2
Let the answer of Question 1 be represented by Q1. To obtain the yearly simple interest
rate, i (given as a decimal), at which Mitch reinvested his money four years ago, one has to
use the following formula:
28 431,91−𝑄1
[1] 𝑖 = 𝑄1×3
28 431,91−14 950
[2] 𝑖 =
14 950×4
28 431,91−14 950
[3] 𝑖 = 𝑄1×3
28 431,91−𝑄1
[4] 𝑖 = 𝑄1×4
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller aj107. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.77. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
53022 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now