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4 marksCompound Interest

CSEC Mathematics · January 2009 · Paper 2 · Question 1(c)

A credit union pays 8% per annum compound interest on all fixed deposits. A customer deposited $24 000 in an account.

Calculate the TOTAL amount of money in the account at the end of two years.

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Other parts of this question

  1. 1(a)Calculate the EXACT value of 3 3/4 / (2 1/5 - 1 2/3), giving your answer as a fraction.[3 marks]
  2. 1(b)(i)Karen exchanged BDS2 000.00 and received EC2 700.00. Calculate the value of one BDS in EC.[2 marks]
  3. 1(b)(ii)If Karen exchanged EC432.00 for BDS, calculate the amount of BDS$ which Karen would receive.[2 marks]

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