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A bank employee has been approached by a client, Tapiwa, who wants to know how much they would earn if they take advantage of
A bank employee has been approached by a client, Tapiwa, who wants to know how much they would earn if they take advantage of the latest bank offers. Bank Offer Introductory Interest Rate (after introductory rate) Tapiwa wants to invest 14,300. % Years 7.5% 5 4.0% onwards The bank employee used a spreedsheet to calculate the values for the offer below. However, this spreadsheet is incomplete. B 1 2 3 1 E Opening Balance 11,200.00 Interest 1 Interest 2 7.5% 4.0% 840.00 Closing Balance 12,040.00 4 2 5 3 6 4 7 5 14,957.25 8 6 16,722.21 9 7 10 8 11 9 12 13 Alternative Method 14 Introductory 15 Standard Rate 11,200.00 16,079.05 7.5% 4.0% 16,079.05 18,810.21 16 Required What is his investment worth at the end of Year 7? Choose... What is the formula needed in Cell E14 to calculate the closing balance after 5 years? Choose... What is the formula needed in Cell E15 to calculate the closing balance after 9 years? Choose... =
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