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DSC1630 Assignment 02 Semester 01 2022 Questions and answers

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DSC1630 - Introductory Financial Mathematics (DSC1630)
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DSC1630

Introductory Financial Mathematics

Department of Decision Sciences

Assignment 02 for Semester 01 2022

Unique assignment number: 185257
Due Date: 14 March 2022




Question 1

Lindiwe decides that she would like to buy her daughter, Mbali, a car when she turns 21 in six
years' time. She deposits R6 000 each month into an account earning 8,94% interest per year,
compounded monthly. The amount that Lindiwe (rounded to the nearest rand) will have available
six years from now is

[1] R432 000.
[2] R335 896.
[3] R573 187.
[4] R568 948.

Answer:

In this problem we have equal payments in equal time periods (monthly), plus the interest
rate is specified as compounded, thus we are working with annuities. We need to determine
the future value of an ordinary annuity.

, Lindiwe will have R568 948 available.

Using the Sharp EL-738F calculator:




Using an HP calculator:

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