PERF01 - Personal Financial Planning for Financial Planners - Accounting and Finance Assignment Help

Assignment Task

Answer all of the following questions.

Read the following scenario and answer the questions that follow:

Samantha wants to save R450 000 (FV), in order to build a granny flat on her property for her parents, and it should be ready in five years’ time. She can afford to save R4 500 per month and would like to earn as much as possible interest without taking on any risk. She has received the following offers from two different banks:

• Bank A offers her an interest rate of 6% per annum, compounded every four months.

• Bank B offers her an interest rate of 5.5% per annum, compounded every three months.

Required:

1.1 Calculate the effective interest rate of each option.

1.2 Samantha decides to rather put away the equivalent savings amount annually, when she receives her bonus from her employer. Calculate whether she will save enough to reach her goal with either of the banks.

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