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Exam-Style Questions on Compound InterestProblems on Compound Interest adapted from questions set in previous Mathematics exams. |
1. | IB Analysis and Approaches [840] |
Sak deposits 10,000 Thai baht into a special savings account offering a very generous nominal annual interest rate of 8%, compounded quarterly.
After one complete year, the balance in the account can be expressed as
$$10\,000(1+k)^{4}$$where \(k\in\mathbb{Q}\).
(a) State the value of \(k\).
(b) Expand and simplify \((1+x)^{4}\).
(c) Hence, or by another method, calculate the balance in Sak's account after one complete year. Give your answer to the nearest baht.
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