# solution

Sun will be starting a 5-year training program in 23 monthsâ€™ time. His mother, Moon, has promised him a living allowance of \$167.2 per month to help support him during this time. If the interest rate is 9.3 percent per annum, compounded monthly, how much money will Moon need to set aside today to finance Sunâ€™s allowance? Round your answers to two decimal points for all stages of calculation (2 MARKS)

B). A loan amount of \$26,044 will be due after 8 years. Tim has a deposit plan to deposit \$5,543 at the beginning of each year for the next 8 years. The deposit rate is 10% per annum. Find the deficit or surplus amount from this deposit plan to repay the total loan amount after 8 years if the interest is being compounded monthly. Round your answers to 2 decimal points. (1 MARK)

C). Your investment in A Limited earned the following returns for the years 1996 to 1999: 30%, 40%, 15% and 7%. What is the variance of returns for this investment? Round your answer to 4 decimal points. (2 MARKS)

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