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DSC1630 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 (234521)- DUE 8 August 2024
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,DSC1630 Assignment 1 (COMPLETE ANSWERS)Semester 2 2024 (234521)- DUE 8 August
2024 ; 100% TRUSTED Complete, trusted
solutions and explanations.
Question 1 Not yet answered Marked out of 1.00 QUIZ You have
invested R1 500 in an account earning 6,57% simple interest.
The balance in the account 16 months later is a. R1 636,94. b.
R2 814,00. c. R1 631,40. d. R1 644,02. Clear my choice
DSC1630-24-S2 Welcome Message Assessment 1
To determine the balance in the account after 16 months with a
simple interest rate of 6.57%, we can use the simple interest
formula:
A=P(1+rt)A = P(1 + rt)A=P(1+rt)
where:
AAA is the amount in the account after time ttt.
PPP is the principal amount (initial investment), which is
R1,500.
rrr is the annual interest rate (in decimal form), which is
6.57% or 0.0657.
ttt is the time the money is invested for, in years.
Since the time is given in months, we need to convert 16
months to years: t=1612=43 yearst = \frac{16}{12} = \frac{4}
{3} \text{ years}t=1216=34 years
, Now we can plug the values into the formula:
A=1500(1+0.0657×43)A = 1500 \left(1 + 0.0657 \times \frac{4}
{3}\right)A=1500(1+0.0657×34)
First, calculate the interest rate multiplied by time:
0.0657×43=0.0657×1.3333=0.08760.0657 \times \frac{4}{3} =
0.0657 \times 1.3333 = 0.08760.0657×34
=0.0657×1.3333=0.0876
Then, add 1 to this value: 1+0.0876=1.08761 + 0.0876 =
1.08761+0.0876=1.0876
Finally, multiply by the principal amount:
A=1500×1.0876=1631.40A = 1500 \times 1.0876 =
1631.40A=1500×1.0876=1631.40
So, the balance in the account 16 months later is: R1,631.40\
boxed{R1,631.40}R1,631.40
The correct answer is c. R1 631,40.
Question 2 Not yet answered Marked out of 1.00 QUIZ If money
is worth 12% per annum compounded monthly, how long will it
take the principal P tobecome four times the original value? a.
11,61 years b. 7,27 years c. 69,66 years d. 139,32 years Clear my
choice DSC1630-24-S2 Welcome Message Assessment 1
Question 3 Not yet answered Marked out of 1.00 QUIZ An
effective rate of 29,61% corresponds to a nominal rate,
compounded weekly, of a. 26,00%. b. 34,35%. c. 29,61%. d.
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