Assuming Mike is saving the same amount per month in the next 3 years. How much does Mike get for his saving after 3 years, if his saving account pays simple interest rate 3% per annum? e). Assuming Mike is saving the same amount per month in the next 3 years. How much does Mike get for his saving after 3 years, if his saving account pays compound interest rate 3% per annum and the interest is compounded monthly?
Question 2
Mike is a first year university student who is trying to understand his financial situation. Mike currently lives 1.5 miles away from campus. He works part time in a retail centre that pays him £800 per month. Mike saves £200 out of the part time job pay for his further education plan.
a). As to the below Travel Expenses table published by the Students’ Union, 185 students were randomly selected to help understand the travel expenses and distance to campus. What’s the probability for Mike to spend over £10 on journeys to campus?
|
|
Distance to Campus (miles) |
||
|
Amount spent, £ |
0.1 to 0.25 |
0.26 to 1.0 |
Over 1.0 |
|
0 – 4.99 |
35 |
26 |
10 |
|
5.00 – 9.99 |
18 |
39 |
20 |
|
10.00+ |
4 |
14 |
19 |
b). How much is the frequency for students living over 1 mile away from the campus?
c). As to the category of Amount Spent, £, what is the modal group?
d). Assuming Mike is saving the same amount per month in the next 3 years. How much does Mike get for his saving after 3 years, if his saving account pays simple interest rate 3% per annum?
e). Assuming Mike is saving the same amount per month in the next 3 years. How much does Mike get for his saving after 3 years, if his saving account pays compound interest rate 3% per annum and the interest is compounded monthly?
Please answer questions d and e :)
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