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 Introductory Interest Rate (after introductory rate) 1 2 3 4 5 6 7 8 9 10 12345 Tapiwa wants to invest £14,300. The bank employee used a spreedsheet to calculate the values for the offer below. However, this spreadsheet is incomplete. 11 A 13 Alternative Method 14 Introductory 1 2 3 4 5 6 7 8 9 15 Standard Rate 16 % B Opening Balance 11,200.00 14,957.25 7.5% 4.0% 11,200.00 16,079.05 Years 5 onwards C Interest 1 7.5% 840.00 7.5% 4.0% D Interest 2 4.0% Required What is his investment worth at the end of Year 7? Choose... E Closing Balance 12,040.00 16,722.21 16,079.05 18,810.21 What is the formula needed in Cell E14 to calculate the closing balance after 5 years? Choose... What is the formula needed in Cell F15 to calculate the closing balance after 9 years? Choose +
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 Introductory Interest Rate (after introductory rate) 1 2 3 4 5 6 7 8 9 10 12345 Tapiwa wants to invest £14,300. The bank employee used a spreedsheet to calculate the values for the offer below. However, this spreadsheet is incomplete. 11 A 13 Alternative Method 14 Introductory 1 2 3 4 5 6 7 8 9 15 Standard Rate 16 % B Opening Balance 11,200.00 14,957.25 7.5% 4.0% 11,200.00 16,079.05 Years 5 onwards C Interest 1 7.5% 840.00 7.5% 4.0% D Interest 2 4.0% Required What is his investment worth at the end of Year 7? Choose... E Closing Balance 12,040.00 16,722.21 16,079.05 18,810.21 What is the formula needed in Cell E14 to calculate the closing balance after 5 years? Choose... What is the formula needed in Cell F15 to calculate the closing balance after 9 years? Choose +
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Subject: accounting
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
Introductory Interest
Rate (after introductory
1
2
3
4
5
6
7
8
9
10
11
rate)
Tapiwa wants to invest £14,300.
The bank employee used a spreedsheet to calculate the values for the offer below. However, this spreadsheet is incomplete.
A
1
2
3
4
5
6
7
8
9
12
13 Alternative Method
14 Introductory
15 Standard Rate
16
%
B
Opening Balance
11,200.00
14,957.25
7.5%
4.0%
11,200.00
16,079.05
Years
5
onwards
с
Interest 1
7.5%
840.00
7.5%
4.0%
D
Interest 2
4.0%
Required
What is his investment worth at the end of Year 7? Choose... ◆
E
Closing Balance
12,040.00
16,722.21
16,079.05
18,810.21
What is the formula needed in Cell E14 to calculate the closing balance after 5 years?
What is the formula needed in Cell E15 to calculate the closing balance after 9 years?
Choose...
Choose...
→
+
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