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QMI1500 Assignment 03 Answers S1 & 2 2021.
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DSC1520 ASSIGNMENT 5 SEMESTER 2 2022
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QMI1500nn
QMI1500
Elementary Quantitative Methods
Department of Decision Sciences
Assignment questions, Semester 1&2, 2021
Assignment: 03
Due date: 3 August 2021
Unique number: S1: 284119 S2: 388414
, ASSIGNMENT 03
Study material: Topics 4.5 - 6.4 in the Study Guide
Unique assignment number: S1: 284119, S2: 388414
FIXED DUE DATE: 3 August 2021
Question 1
Joshua graduated from college and began working in the family restaurant business. At the end of
the third month of the first year he began putting R7440,00 per quarter in an individual retirement
account and contributed to it for a total of ten years. The account earned interest at 11% per annum,
compounded quarterly. The amount that was available to him after the ten years is
[1] R1614466,15.
[2] R179141,07.
[3] R22021,46.
[4] R530235,00.
PMT = 7 440
N = 10 x 4 = 40
I/YR = 11/4 = 2.75
CPT FVA = 530 235
Question 2
Upon their retirement in a meeting with their advisor, Mr and Mrs Moraba determined the amount
that they will need in order to live comfortably. They expect a 20-year retirement period. How much
should Mr and Mrs Moraba deposit now in a bank account paying 7,5% interest per year,
compounded yearly to be able to withdraw the amount of R480700 at the end of each year, starting
one year from now?
[1] R20 816 560,32
[2] R2 041 942,02
[3] R4 900 492,00
[4] R1 201 750,00
2
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