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Find the sum to be invested now at 6% compounded monthly so as to accumulate RM8,888 in three years.
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Question

Find the sum to be invested now at 6% compounded monthly so as to accumulate RM8,888 in three years.

  1. Mary Saves RM5,000 now at 6% compounded semi-annually and intends to withdraw all the amount at the end of five years. If she withdraws Rm2,000 after three years, find the amount in the account at the end of five years.
  2. A computer is estimated to cost RM4,000 in two years time. If Jennifer wishes to buy this computer in two years, how much she save now in an account that pays 12% compounded every four months?
  3. A debt of RM8,000 will mature in four years time. Find

a.     the present value for this debt

b.     the value of this debt at the end of two years, and

c.      the value of this debt at the end of five years,

assuming money is worth 9% compounded quarterly.

Step-by-step answer

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