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capital budgeting

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA MA – FIA FMA › capital budgeting

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by John Moffat.
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  • November 3, 2015 at 12:58 pm #280269
    acca.dina
    Member
    • Topics: 2
    • Replies: 12
    • ☆

    A building society adds interest monthly to investors’ accounts even though interest rates are expressed in annual terms. The current rate of interest is 6% per annum.

    An investor deposits $1,000 on 1 January. How much interest will have been earned by 30 June?
    please help me

    November 3, 2015 at 2:38 pm #280286
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51532
    • ☆☆☆☆☆

    The interest each month is 6/12 = 0.5% (or 0.005).

    From 1 January to 30 June is 6 months.

    So $1,000 will have grown to 1,000 x (1.005)^6 = 1,030.38

    So the interest is the extra $30.38.

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