QUIZ 1 MAT112 Practice PDF

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COURSE CODE : MAT 112 (BUSINESS MATHEMATICS)SESSION : SEPTEMBER 2018 – JANUARY 2019QUIZ 1 Gina saved RM3,000 in an account that offered 3% simple interest for 240 days. Find the accumulated amount using ordinary simple interest. (5 marks) On 10th February 2015, Shakirah saved RM12,000 in an account ...

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COURSE CODE : MAT 112 (BUSINESS MATHEMATICS) SESSION : SEPTEMBER 2018 – JANUARY 2019 QUIZ 1 1. Gina saved RM3,000 in an account that offered 3.8% simple interest for 240 days. Find the accumulated amount using ordinary simple interest. (5 marks) 2. On 10th February 2015, Shakirah saved RM12,000 in an account that pays simple interest k% per annum. The balance in the account on 11 th May 2015 was RM12,240. Find the value of k using the Banker’s Rule. (5 marks)

SOLUTION 1. Info P = RM3,000 r = 3.8% t = 240 days

Find S Formula S = P(1+rt)

S P (1  rt )    240   3000  1  (0.038)    360    RM 3076

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2. Info

10/2/15

11/5/15

P = RM 12,000

S = RM 12,240

To find t : 10/2/15 – 28/2/15 = 18 days 1/3/15 – 31/3/15 = 31 days 1/4/15 – 30/4/15 = 30 days 1/5/15 – 11/5/15 = 11 days Total t = 90 days

Find k Formula S = P(1+rt) S P (1  rt )   90   12240 12000 1   k%       360    1 12240 1  k%  4 12000 1 1  k % 1.02  4 1 k % 0.02 4 k % 0.08 k 8 ...