CIMA P3 Chapter 10 Test
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The relevant interest rate is 4.8% pa. Note that thismis an annual rate, but applies to deposits of 2 months. As this is to apply for 2 months the effective rate 4.8%/6 = 0.8%
5,000,000/(1 + 0.008) = 4,960,317
The question no 5 should say interest period as 6 months. The current version of question directs students to calculate the interest for 2 months rather than 6 months. Please correct me if my understanding is wrong.