All solutions here are SUGGESTED. Mr. Teng will hold no liability for any errors. Comments are entirely personal opinions.
Using the graphing calculator, smallest n = 24.
Thus, Mrs A’s account will have more than $5000 on 1 December 2002.
Amount at the end of 1st month
Amount at the end of 2nd month
Amount at the end of nth month
Mr B’s account will be more than $5000 on September 2004.
Using Graphing Calculator,
Thus the interest rate is 1.80% per month.
Students should reproduce the table (with its succeeding and preceding values) to substantiate their answers for (i) and (ii). For (i), its necessary to identify the month; just use your fingers to count.