Answer to Question #117578 in Finance for lim

Question #117578
without using finance calculator,
(a) Haziq invests RM15,000 in a fund at 7% compounded quarterly. After t years, the value of the investment is RM300,000. Determine the value of t.
(b) Sarah invested RM5000 into an account that pays 5% compounded semiannually. She intended to keep the account untouched for 5 years. However, after 3 years, she had to withdraw RM3000. Find the amount left in the account after five years from the time she made her investment.
1
Expert's answer
2020-05-24T18:10:08-0400

a) After t years initial investment of RM15,000 would have value:

which means that:

years


b) After three years Sarah had in her account the following sum:

After withdrawal of 3 000 she had:

After two more years (i.e. five years she made her investment) she had:

RM



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