Business Mathematics 1 (MGTC2208)
Higher Institute of Commerce and Management (HICM)
Semester: First Semester
Level: 200
Year: 2014
University of Bamenda
Higher Institute of Commerce and Management
Test on MGS 108: Business Mathematics I
Instructions: Answer (ALL) questions Time Allowed: 1h 30mins
Full marks for orderly and logical presentation of working
1.
If the simple interest on a sum of money invested at 2.5% per annum for 16years is
127,200Fcfa. what amount was invested? (5mks)
2.
A man borrows 60,000Fcfa from a corporation at 3% per annum interest. He pays 20,000Fcfa at the end
of each year. How much does he still owe after the third repayment? (10mks)
3.
A fixed deposit account with 300,000Fcfa is guaranteed to yield a future value of 650,000Fcfa five years
from now. What interest will make this possible if compounding is done
Annually, (ii)Bi-annually, (iii) Quarterly,(iv) Weekly,(v) Continuously. (15mks)
GOOD LUCK.
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