Give your answers in this question correct to the nearest whole number.Imon invested 25 000 Singapore dollars (SGD) in a fixed deposit account with a nominalannual interest rate of 3.6%, compounded monthly.

* This question is from an exam for a previous syllabus, and may contain minor differences in marking or structure.

$\left(FV=\right)25 000\times {\left(1+\frac{3.6}{100\times 12}\right)}^{12\times 5}$ (M1)(A1)

Note: Award (M1) for substituted compound interest formula, (A1) for correct substitutions.

OR

$N=5$
$I\%=3.6$
$PV=\mp 25 000$
$P/Y=1$
$C/Y=12$ (A1)(M1)

Note: Award (A1) for$C/Y=12$ seen, (M1) for all other correct entries.

OR

$N=60$
$I\%=3.6$
$PV=\mp 25 000$
$P/Y=12$
$C/Y=12$ (A1)(M1)

Note:Award(A1)for$C/Y=12$seen,(M1)forallother correct entries.

$\left(FV=\right)29 922\left(\text{SGD}\right)$ (A1) (C3)

Note: Do not award the final (A1) if answer is not given correct to the nearest integer.

[3 marks]

$20 000=PV\times {\left(1+\frac{5.7}{100\times 2}\right)}^{2\times 1.5}$ (M1)(A1)

Note: Award (M1) for substituted compound interestequated to $20 000$. Award(A1) for correct substitutions.

OR

$N=1.5$
$I\%=5.7$
$FV=\pm 20 000$
$P/Y=1$
$C/Y=2$ (A1)(M1)

Note: Award (A1) for$C/Y=2$ seen, (M1) for all other correct entries.

OR

$N=3$
$I\%=5.7$
$FV=\pm 20 000$
$P/Y=2$
$C/Y=2$ (A1)(M1)

Note:Award(A1)for $C/Y=2$seen,(M1)forallother correct entries.

$\left(x=\right)18 383\left(\text{SGD}\right)$ (A1) (C3)

Note: Do not award the final (A1) if answer is not given correct to the nearest integer (unless already penalized in part(a)).

[3 marks]