Question

keanu saves the rest of his money each week. he decides to separate them into...
will put money away for a holiday and a car in the ratio of \\(4:6\\).

calculate how much goes into each of his saving accounts each week.

keanus kuia in australia sends him a gift of \\$500\text{ aud} to help towards the car. the bank converts the currency using an exchange rate of \\(1\text{ nzd} = 0.93\text{ aud}\\). however, the bank also charges a \\(3.7\\%\\) conversion fee on the final nzd amount received.

calculate how much he receives in nzd.

after months of saving, keanu ends up with \\$4,500 in his car savings account. he decides to move this into a high-yield term deposit and has two different options:

option 1: an account that earns \\(8\\%\\) compound interest per annum for two years.
option 2: an account that earns \\(0.7\\%\\) simple interest per month for two years.

calculate which option provides the most interest.

Explanation:

Convert AUD to NZD

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Calculate Option 1 Interest

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Calculate Option 2 Interest

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Answer:

Question 1

Keanu receives <blank>\(517.74\)</blank> NZD.

Question 2

The option that provides the most interest is <blank>Option 2</blank>.