Question

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Answer 1

what are the investment options from Q4?

Answer 2

CBA” bank (from Q2)
(b) “ABC” bank offering 5.8% interest compounding yearly.
(c) “Banks r Us” offering 5.7% interest compounding monthly.

Answer 3

CBA bank pays 6% simple interest

Answer 4

ok give me a few

Answer 5

These cannot be solved. There is insufficient information.

Answer 6

What do you mean?

Answer 7

You cannot reach a total of $200,000 if you don't start with something. What was the initial deposit? Is there a regular payment?

Answer 8

The initial deposit was 11000

Answer 9

The initial deposit was $11000

Answer 10

Were you trying to solve it without this information?

CBA bank pays 6% simple interest

200000 - 11000 = 11000*r*0.06 -- Solve for r

“ABC” bank offering 5.8% interest compounding yearly.

\(11000(1 + 0.058)^{n} = 200000\) -- Solve for n

(c) “Banks r Us” offering 5.7% interest compounding monthly.

\(11000(1 + 0.057/12)^{n*12} = 200000\) -- Solve for n

You have to get these formulas stuck in your head. They WILL be required of you on an exam.

Answer 11

I have used the simple interest and compound interest formulas

Answer 12

And was able to find the total payouts for each of the above

Answer 13

Can you solve those?

Answer 14

The Payouts?

Answer 15

Okay, perhaps we are not hearing the entire question. What's a payout? Are we just accumulating funds and paying out 200000 at the end? Definitions, please.

Answer 16

The payouts for CBA Bank is $130,011.70

Answer 17

The 200,000 is actually meant to be $200,009

Answer 18

What's the chance you can post the real, full, and actual question?

Answer 19

The question is above