Question
You wish to save $2000 to go on a holiday when you finish university in 2.5 years time. You plan to do this by making
You wish to save $2000 to go on a holiday when you finish university in 2.5 years time. You plan to do this by making regular deposits of the same size into a savings account that pays interest j52 = 4.68% p.a., starting in one weeks time.
a)Illustrate this scenario as a fully labelled time line diagram. [2 marks]
b)Determine the deposit size required. Enter this value to 2 decimal places as an answer to Assignment 1 Milestones question 3b. You can have as many attempts of this as you wish without penalty, but this question will close at 4:00pm on Friday 7 August. There will be no marks available for this question part after then. [2 marks
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started