Maths (Interest) (easy)(1only)
2011-09-03 1:26 am
Suppose you have HK$10,000,000 for investment. Bank A offers you the final amount of HK$15,938,480.75 after 2 years. Bank B offers you interest on time deposit at yearly interest rate of r% compounded quarterly. What is the range of values of r for choosing the offer of Bank B if your money can be used for an investment period of 2 years? Please explain.
回答 (1)
2011-09-03 3:26 pm
✔ 最佳答案
For us to choose Bank B we need:10000000 ( 1 + (r%/4) ) ^ (2*4) > 15938480.75
( 1 + (r/400) ) ^ 8 > 1.593848075
1 + r/400 > 1.06
r/400 > 0.06
r > 24 #
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