QMI1500
Elementary Quantitative Methods
Department of Decision Sciences
Assignment 03 for Semester 01 2022 (compulsory)
Unique Number: 746491
DUE DATE: 28 March 2022
Important:
• This is a multiple-choice assignment that must be answered and submitted ONLINE.
• Always keep your detailed workings in a file to be able to compare your solutions to the ones
that will be published on the QMI1500 module site after the due date. Also, keep a copy of
the options you have chosen, in case of a query.
• The due date of this assignment is fixed. No extension can be granted because the solutions
will be posted on the QMI1500 module site shortly after the closing date.
Question 1
Aziz is planning to attend college when she graduates from high school four years from now. She
has made an arrangement with her father to do the household chores if her dad deposits R3
570,00 at the end of every six months for the next four years in a bank account. The account
pays 8,5% interest per annum, compounded semi-annually. Her father pays and additional R5
550,00 into the account for every R3 570,00 deposit he makes. The first deposit will be made six
months from now. How much money will there be in the account for Aziz to pay for her college
expenses?
[1] R84 786,00.
[2] R60 773,69.
[3] R51 596,74.
[4] R12 723,40.
, Answer:
Payment = 5 550 + 3 570 = 9 120
Using the Sharp EL-738F calculator:
Using an HP calculator:
¬ CLR ALL
9 120 ± PMT
8,5 I/YR
2 ¬ P/YR
4 ¬ × P/YR
N=8
Press FV = 𝑅84 786,00
Elementary Quantitative Methods
Department of Decision Sciences
Assignment 03 for Semester 01 2022 (compulsory)
Unique Number: 746491
DUE DATE: 28 March 2022
Important:
• This is a multiple-choice assignment that must be answered and submitted ONLINE.
• Always keep your detailed workings in a file to be able to compare your solutions to the ones
that will be published on the QMI1500 module site after the due date. Also, keep a copy of
the options you have chosen, in case of a query.
• The due date of this assignment is fixed. No extension can be granted because the solutions
will be posted on the QMI1500 module site shortly after the closing date.
Question 1
Aziz is planning to attend college when she graduates from high school four years from now. She
has made an arrangement with her father to do the household chores if her dad deposits R3
570,00 at the end of every six months for the next four years in a bank account. The account
pays 8,5% interest per annum, compounded semi-annually. Her father pays and additional R5
550,00 into the account for every R3 570,00 deposit he makes. The first deposit will be made six
months from now. How much money will there be in the account for Aziz to pay for her college
expenses?
[1] R84 786,00.
[2] R60 773,69.
[3] R51 596,74.
[4] R12 723,40.
, Answer:
Payment = 5 550 + 3 570 = 9 120
Using the Sharp EL-738F calculator:
Using an HP calculator:
¬ CLR ALL
9 120 ± PMT
8,5 I/YR
2 ¬ P/YR
4 ¬ × P/YR
N=8
Press FV = 𝑅84 786,00
