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ACT240 2010 Summer Term test

# ACT240 2010 Summer Term test - Family name comma personal...

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ACT240 Sum10 TT1 v05 Privacy Code A with sols for web Page 2 of 9 1. (Assignment) At an effective annual compound interest rate of i>0, it is found that an investment doubles in a years, triples in b years, and \$1 grows to \$5 in c years. To what amount to the nearest dollar does \$10 grow in 3a+4b years?. (A) \$5,680 (B) \$6,080 (C) \$6,480 (D) \$6,880 (E) The correct answer is not given by (A), (B), (C) or (D) ( C) Solution: 10*2 3 *3 4 = 6480
ACT240 Sum10 TT1 v05 Privacy Code A with sols for web Page 3 of 9 2. (Assignment) You are given: (i) Fund X accumulates at an interest rate of 8% compounded quarterly; (ii) Fund Y accumulates at an interest rate of 6% compounded semiannually;

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ACT240 2010 Summer Term test - Family name comma personal...

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