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DSC1630 ASSIGNMENT 2 SEMESTER 1 - 2022 LATEST UPDATE

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DSC1630 ASSIGNMENT 2 SEMESTER 1 - 2022 LATEST UPDATE Question 1 Shona decides that he would like to buy his lovely wife, Connie, a new car when she turns 30 in six years’ time. He deposits R6 000 each month into an account earning 8,94% interest per year, compounded monthly. The amount that...

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  • July 13, 2022
  • 24
  • 2021/2022
  • Exam (elaborations)
  • Questions & answers

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  • connie
  • dsc1630 assignment 2 semester 1 2022 latest update
  • question 1 shona decides that he would like to buy his lovely wife
  • a new car when she turns 30 in six years’ time he deposits r6 000 each

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DSC1630 ASSIGNMENT 2
SEMESTER 1 - 2020
880832
DUE: 13 MARCH 2020




1

,Question 1

Shona decides that he would like to buy his lovely wife, Connie, a new car when she turns
30 in six years’ time. He deposits R6 000 each month into an account earning 8,94% interest
per year, compounded monthly.
The amount that Shona (rounded to the nearest rand) will have available six years from now
is

[1] R568 948.

[2] R573 187.

[3] R333 412.

[4] R335 896.

[5] R432 000.



In this problem we have equal payments in equal time periods (monthly), plus the interest
rate is specified as compounded, thus we are working with annuities. We need to determine
the future value of an ordinary annuity.




Shona will have R568 948 available




2

, Question 2

An amount of money accumulates to R45 946 at a continuous compounding rate of 8% per
year, after 57 months. The original amount is

[1] R31 460,34.

[2] R33 294,20.

[3] R36 756,80.

[4] R31 420,70.

[5] R28 486,52.




3

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