You recently resigned from work, and you have invested your pension in a business. You have R540000
Question:
You recently resigned from work, and you have invested your pension in a business. You have R540000 as a start-up and the south African revenue Services have already deducted Tax of 35%. At the end of the first week, you have revenues of R1,2M and expenses of R10000.In the second week, your revenues are R1,1M and your expenses are R300000. In the third week, your revenues are 1,5M and your expenses are R450000. In the fourth week, your revenues are R1,4 M and your expenses are R480000. You have a checking account earning 1% annually compounded weekly.
a. How much money do you have at the end of the four weeks?
b. What is the minimum balance of the account over that four weeks?
c. Does it ever drop below R540000?
Stats Data and Models
ISBN: 978-0321986498
4th edition
Authors: Richard D. De Veaux, Paul D. Velleman, David E. Bock