[填空题]
Julia wants to buy a house that rxvi7 1m9 pd;oxequires a b9 q1dhpe,6ng deposit of 74000 Australian dollars (AUD).9en6 1hp,g bdq
Julia is going to invest an amount of AUD in an account that pays a nominal annual interest rate of 5.5 %, compounded monthly.
1.Find the amount of AUD Julia needs to invest to reach 74000 AUD after 8 years. Give your answer correct to the nearest dollar.
Hence, using the compound interest formula, we get PV≈ AUD.
Julia's parents offer to add 5000 AUD to her initial investment from part (a), however, only if she invests her money in a more reliable bank that pays a nominal annual interest rate only of 3.5 %, compounded quarterly.
2.Find the number of years it would take Julia to save the 74000 AUD if she accepts her parents money and follows their advice. Give your answer correct to the nearest year.
Hence it would take Julia years to save the 74000 AUD.
