1. Calculate the time in days it takes for 3600 to accumulate to 4000 at:
(a) A simple rate of interest of 6% p.a. [2 marks]
(b) A compound rate of interest of 6% p.a. convertible quarterly. [2 marks]
(c) A compound rate of interest of 6% p.a. convertible monthly. [1 mark]
2. At a certain simple rate of interest, 1,000 will accumulate to 1,110 after a certain period of time. Find
the accumulated value of 500 at a simple rate of interest three fourths as great over twice as long a
period of time. [2 marks]
3. Express d(4) as a function of i(3) [3 marks]
4. You deposit 1,000 today and another 2,000 in ve years into a fund that pays simple discount at 5%
per year. Your friend makes the same deposits into another fund but at times n and 2n, respectively.
the fund credits interest at an annual eective rate of interest of 10%. At the end of 10 years, the
accumulated value of your deposits is exactly the same as the accumulated value of your friends
deposits. Calculate n [3 marks]
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