Derek invested a sum of money in an account paying compound interest at 3.4% per annum. After six years, he earned a total interest of $2665.76. Calculate the sum invested to the nearest dollar.[2]
Cathy changes 3500 Singapore dollars (SGD) into 4172 Australian dollars (AUD) at a bank.
Calculate the exchange rate between SGD and AUD to the nearest cents.[1]
At the end of her holiday, Cathy converts her remaining AUD back to SGD at a money changer offering 1 AUD = 0.91 SGD. Determine whether this exchange rate is better value for Cathy than the bank rate found in (b)(i).[2]
Solution:
Solution locked
Sign in to view the step-by-step solution
Similar questions are unavailable for this question.
Answer:(a) \(\$12000\) (b)(i) \(1\text{ SGD}=1.19\text{ AUD}\) (b)(ii) Yes; the money changer pays \(0.07\text{ SGD}\) more per AUD