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)
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.58TI: What is the total effect on the economy of a government tax rebate of $500 to each household in...
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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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