The Importance of Statistics in Accounting

The Importance of Statistics in Accounting

Assignment Task

1. Gilford wants to borrow money every three months, starting with R500 and subsequent amounts will increase by 5%. He wants to start borrowing at the end of month 6, until theend of month 30. Given that interest is charged at 8% pa compounded quarterly:

a. How much will he pay quarterly starting end of year 3, if he wants to settle the debt over 3 years?

b. Calculate the total interest to be paid by Gilford

2. From 1 June 2023, Natasha wants her fiancée to receive 10 monthly payments starting with R800, and subsequent payments will increase by 2%. Interest is earned at 12.68250% pa compounded annually. How much must she deposit on 1 April 2023 for her fiancée to receive the monthly payments?

3. Joshua has just won a Lotto jackpot and needs your assistance with the selection of a project to invest in. Below are two projects being offered by one of the investment companies in Cape Town.

4. GoGet Limited has a policy of buying a new machine every 5 years. A new machine was bought yesterday for R160 000 and prices for these machines increase every 6 months by 4%. To replace old machines, the company has a sinking fund in which they make half-yearly deposits ofR12 500. Yearly withdrawals of R13 000 are made from the same sinking fund for the maintenance of existing How much should GoGet deposit at the end of year 3 given that:

I. Interest is earned at an annual effective rate of 12.36%.

II. All machines are depreciated at 15% pa using the reducing balance method

III. The old machine will be sold after 5 years at a profit of R25 000.

5. Immediately after the birth of their firstborn (Abel), Mr. and Mrs. Maraphela opened a savings account in which they madedeposits at the end of each month. The first deposit was R100, and subsequent deposits increased by 2% every month.

The savings account earned 7% pa compounded monthly. Today is Abel’s 20th birthday, and as a birthday present Mr. and Mrs. Maraphela have handed over the savings account to him. Abel has decided to withdraw the full amount and use it to purchase a life policy that will mature in 5 years’ time. The interest rate stipulated in the policy is 9.25% pa compounded half-yearly.

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