Nov 2017 Q7 a.

Every Monday, Kwei puts GH¢30 into a savings account at the Ring Bank, which accrues interest of 6.92% per annum compounded weekly.
Required:
i) Draw a cash flow timeline showing the payments, the interest rate and the present values for the first 4 payments.    (3 marks)

ii) Determine how long it will take Kwei’s account to reach a balance of GH¢4,397.53. Convert your answer into number of years and days to the nearest integer.                                                                                                                                  (6 marks)

iii) Determine how much interest Kwei will receive from the bank during the period of his investment.                         (2 marks)