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1.Tony invested CHF 500 in a bank account at a constant rate of interest. The bank calculates his balance at the end of each year, rounded to two decimal places, as shown in the table below. YearValue at beginningof yearValue at end ofyear1stCHF 500CHF 5402ndCHF 540CHF 583.203rdCHF 583.20CHF 629.864thCHF 629.86CHF 680.255thCHF 680.256th(a)What is the rate and type of interest?(b)Complete the table for the fifth and sixth year of investment.Working:Answer:(a)…………………………………………..(Total 4 marks)2.Miranti deposits $1000 into an investment account that pays 5% interest per annum.(a)What will be the value of the investment after 5 years if the interest is reinvested?(2) (b)How many years would it take Miranti’s investment of $1000 to double in value?(4)At the beginning of each year Brenda deposits $1000 into an investment account that pays 5% interest per annum. Interest is calculated annually and reinvested.(c)How much would be in Brenda’s account after 5 years?(4)(Total 10 marks)3.The following is a currency conversion table:FFRUSDJPYGBPFrench Francs (FFR)1pq0.101US Dollars (USD)6.2891111.1110.631Japanese Yen (JPY)0.0570.00910.006British Pounds (GBP)9.9011.585166.6671For example, from the table 1 USD = 0.631 GBP. Use the table to answer the following questions.(a)Find the values of p and q.(2) (b)Mireille wants to change money at a bank in London.(i)How many French Francs (FFR) will she have to change to receive 140 British Pounds (GBP)?(ii)The bank charges a 2.4% commission on all transactions. If she makes this transaction, how many British Pounds will Mireille actually receive from the bank?(4) (c)Jean invested 5000 FFR in Paris at 8% simple interest per annum.Paul invested 800 GBP in London at 6% simple interest per annum.(i)How much interest in FFR did Jean earn after 4 years?(ii)How much interest in US Dollars did Paul earn after 4 years?(iii)Who had earned more interest after 4 years?(iv)Explain your reasoning in part (c) (iii).(7)(Total 13 marks) 4.The following table shows the monthly payments needed to repay a loan of $1000 with various rates and time periods.Table of Monthly Repayments per $1000Annual interest rateLoan Term(months)5%5.5%6%6.5%1287.5087.9288.3488.751859.7460.2160.6261.122445.9446.3846.8447.253037.6638.1138.5739.043632.1632.6233.0933.564228.2528.7229.2029.704825.3325.8126.3026.80Sarah takes out a personal loan for $24 000 to buy a car. She negotiates a loan for three years at 6? per annum interest.(a)Calculate the exact monthly repayment she will make.(2)(b)Find the exact total of the repayments she will make.(2)Beryl took out a loan of $10 000 for 18 months. The total she paid for the loan was $10 837.80.(c)Find the rate of interest charged on the loan.(2)(Total 6 marks) ................
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