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A bank employee has been approached by a client, Tapiwa, who wants to know how much they would earn if they take advantage of the latest bank offers. Bank Offer Years 7.0% 5.0% onwards Introductory Interest Standard Rate (after introductory rate) Tapiwa wants to invest £11,200. The bank employee used a spreedsheet to calculate the values for the offer below. However, this spreadsheet is incomplete. A B D E F Interest 1 Interest 2 Closing Balance 7.0% 784.00 1 Opening Balance 5.0% 2 1 11,200.00 11,984.00 4 2 5 3 6. 4. 7 14,680.92 8 16,494.01 9 7 10 8 11 9 12 13 Alternative Method 14 Introductory 15 Standard Rate 11,200.00 7.0% 15,708.58 15,708.58 5.0% 19,093.88 16 Required What is his investment worth at the end of Year 7? £17,318.71 + What is the formula needed in Cell E14 to calculate the closing balance after 5 years? Choose. Choose. What is the formula needed in Cell E15 to calculate the closing balance after 9 years? =B14*(1+C14)^A7 =B15*(1+C15)^(A11-A7) =B14*(1+C14)*(1+C15)

A bank employee has been approached by a client, Tapiwa, who wants to know how much they would earn if they take advantage of the latest bank offers. Bank Offer Years 7.0% 5.0% onwards Introductory Interest Standard Rate (after introductory rate) Tapiwa wants to invest £11,200. The bank employee used a spreedsheet to calculate the values for the offer below. However, this spreadsheet is incomplete. A B D E F Interest 1 Interest 2 Closing Balance 7.0% 784.00 1 Opening Balance 5.0% 2 1 11,200.00 11,984.00 4 2 5 3 6. 4. 7 14,680.92 8 16,494.01 9 7 10 8 11 9 12 13 Alternative Method 14 Introductory 15 Standard Rate 11,200.00 7.0% 15,708.58 15,708.58 5.0% 19,093.88 16 Required What is his investment worth at the end of Year 7? £17,318.71 + What is the formula needed in Cell E14 to calculate the closing balance after 5 years? Choose. Choose. What is the formula needed in Cell E15 to calculate the closing balance after 9 years? =B14*(1+C14)^A7 =B15*(1+C15)^(A11-A7) =B14*(1+C14)*(1+C15)

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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A bank employee has been approached by a client, Tapiwa, who wants to know how much they would earn if they take advantage of the latest bank offers. Bank Offer % Years Introductory Interest 7.0% 5 Standard Rate (after introductory rate) 5.0% onwards Tapiwa wants to invest £11,200. The bank employee used a spreedsheet to calculate the values for the offer below. However, this spreadsheet is incomplete. A B D E Interest 2 Closing Balance 1 Opening Balance Interest 1 7.0% 5.0% 3 1 11,200.00 784.00 11,984.00 4 3. 4 7 14,680.92 8 6 16,494.01 9 7 10 8 11 9 12 13 Alternative Method 14 Introductory 15 Standard Rate 11,200.00 7.0% 15,708.58 15,708.58 5.0% 19,093.88 16 Required What is his investment worth at the end of Year 7? £17,318.71 + What is the formula needed in Cell E14 to calculate the closing balance after 5 years? Choose... Choose... What is the formula needed in Cell E15 to calculate the closing balance after 9 years? -B14*(1+C14)^A7 =B15*(1+C15)^(A11-A7) =B14*(1+C14)*(1+C15) =B14*C14*4 =B15*C15^(A11-A6) Part of your answer requires attention : Inputs 2, 3 (drop down boxes) - Please put an ans =B15*(1+C14)*(1+C15) =B14*C14^A6 =B14*(1+C14)^A5 =B15*(1+C15)^(A11-A6)
Transcribed Image Text:A bank employee has been approached by a client, Tapiwa, who wants to know how much they would earn if they take advantage of the latest bank offers. Bank Offer % Years Introductory Interest 7.0% 5 Standard Rate (after introductory rate) 5.0% onwards Tapiwa wants to invest £11,200. The bank employee used a spreedsheet to calculate the values for the offer below. However, this spreadsheet is incomplete. A B D E Interest 2 Closing Balance 1 Opening Balance Interest 1 7.0% 5.0% 3 1 11,200.00 784.00 11,984.00 4 3. 4 7 14,680.92 8 6 16,494.01 9 7 10 8 11 9 12 13 Alternative Method 14 Introductory 15 Standard Rate 11,200.00 7.0% 15,708.58 15,708.58 5.0% 19,093.88 16 Required What is his investment worth at the end of Year 7? £17,318.71 + What is the formula needed in Cell E14 to calculate the closing balance after 5 years? Choose... Choose... What is the formula needed in Cell E15 to calculate the closing balance after 9 years? -B14*(1+C14)^A7 =B15*(1+C15)^(A11-A7) =B14*(1+C14)*(1+C15) =B14*C14*4 =B15*C15^(A11-A6) Part of your answer requires attention : Inputs 2, 3 (drop down boxes) - Please put an ans =B15*(1+C14)*(1+C15) =B14*C14^A6 =B14*(1+C14)^A5 =B15*(1+C15)^(A11-A6)
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