Task 1 (35 marks)

Adam graduated from Taylors College with Diploma in Business and joined a government-linked company as a Business Development Executive. He has been working for few years and earnings RM36,000 per annum. He would like to save some of his money to buy his first property. He has shortlisted his choices to the following fixed deposits:

i) Maybank Islamic Fixed Deposit-i

ii) Hong Leong Bank Fixed Deposit

You may refer to the banks website for the latest interest rate. You are required to calculate his fixed deposits account balance as at 31 December 2025 in both banks and state your recommendation with reasons [5 marks] based on the following conditions:

a) He deposits RM5,000 on 1 January 2023 and hold for three years until 31 December 2025. [4 marks]

b) He deposits RM2,500 twice on 1 January 2023 and 1 January 2024 [10 marks]

c) He deposits RM1,500 on 1 January 2023, RM1,500 on 1 January 2024 and RM1,500 on

1 January 2025. [14 marks]