rate positively ..
Ans 1 | Annual scholarship payment = | 30000 | ||
500000*6% | ||||
Ans = | 30000 | |||
Ans 2 | Payment at the end of year = | 50 | ||
1000*5% | ||||
Ans = | 50 | |||
Ans 3 | we have to use financial calculator to solve this | |||
put in calculator - | ||||
FV | 108 | |||
PV | -54 | |||
PMT | 0 | |||
N | 12 | |||
compute I | 5.95% | |||
therefore answer = | 5.95% |
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