FMA 0166 BUSINESS MATHEMATICS

SEMESTER 2, 2017/18
QUIZ 1 (A)
10
Name:_____________________________________

Matric No.:______________Group:______________

Chapter 1: Simple Interest

Duration (20 minutes)

Formulas:

1. S  P 1  r t 
2. I  Prt

Instruction: Answer ALL questions

1. RM 17 000 is invested in a bank at 4.5% simple interest rate. Find the amount in the
account after 3 years and 6 months.
(2 marks)

1
2. Suhaila invests RM 7,000 on 29 July 2017. If the simple interest rate is 7.5% per annum,
find the interest received on 17 November 2017 using the
a. exact time and ordinary simple interest (Banker’s Rule). (4 marks)
b. approximate time and exact simple interest. (4 marks)