- 10 Marks
QT – Nov 2018 – L1 – Q3a – Mathematics of Business Finance
Determine how much to invest at 6% per annum to earn an annual income of GH¢15,000 for 10 years.
Question
Kwabena was able to recover GH¢150,000 out of GH¢200,000 invested in the Savings and Loans Company. How much money should he invest at a return of 6% per annum so as to earn an annual income of GH¢15,000 for a period of 10 years? (10 marks)
Find Related Questions by Tags, levels, etc.
- Tags: Annual Income, Discounting, Investment, Present Value
- Level: Level 1
- Topic: Mathematics of Business Finance
- Series: NOV 2018
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