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Access custom-built, exam-style problems for financial mathematics. Each problem has a full solution and mark-scheme, as well as AI grading and support.
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Ella invests $500 in a savings account that earns 4% interest per annum, compounded quarterly.
Find an expression for the balance of Ella's savings after n years.
Calculate the value of Ella's savings after 12 years. Give your answer to the nearest dollar.
Ella wants to purchase a racing bike for $700.
Find the number of years after which her savings will be sufficient to purchase the bike.
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Esther invests $12000 in an index fund that pays 8% interest per annum, compounded monthly.
Give an expression for the value of Esther's investment after n years.
Calculate the amount of interest Esther will earn over the first 4 years. Give your answer to the nearest dollar.
Esther wants to use the money to buy a car for $27000.
Find the number of years Esther will have to wait.
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