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April 18, 2014

Homework Help: Maths B

Posted by Tee on Monday, July 22, 2013 at 4:30am.

Kate is thinking about investing $45000 for 5 years. She deposits her money into an account which earns interest paid quarterly at a rate of 3.99% p.a. After 1½ years, Kate withdraws her investment (including interest) and deposits the full amount into a different account that pays interest at 4.29% p.a. resting semi-annually. She then leaves her investment untouched for the remainder of the 5 years.
(a) How much interest was accrued within the second year of the investment?
(b) What will be the value of Kate’s investment at the end of the five years?

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