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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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When Grace was born in 2007, her parents deposited $10000 into an investment account with an annual interest rate of 5%, compounded quarterly.
Calculate the amount of money in her account when she turns 18.
Once she turns 18, Grace begins depositing $400 into the same account at the end of each month.
Determine the first year in which Grace will have more than $200000 in her account.
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James is 65 and immortal. He has $2,000,000 in an investment account with an annual interest rate of 8%, compounding monthly.
James plans to withdraw $P every month forever.
Find the maximum possible value of P.
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Jim and Joanne each own their own personal computers, worth $1200 and $2500 respectively.
Jim's computer depreciates at a rate of 7% per year. It is also known that after 2 years, Joanne's computer is expected to be worth approximately $1800.
Show that the annual depreciation rate of Joanne's computer is 15%.
Jim and Joanne's computers become equivalent in value n years after they are purchased.
Determine, to three significant figures, the value of n.
Comment on the validity of your answer to part (b).
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On January 1st, 2025, Bill deposits $5000 into his previously empty bank account. The account has a yearly interest of 6%. Each subsequent year on January 1st, he deposits $600 into his account.
Find the balance of his account be on January 1st, 2030.
Give the first year in which Bill's account contains more than $20000.
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