2013 RI P1 Q9
Mr Tan decides to set up a scholarship fund for worthy students. On 1 January 2013, he places this scholarship fund in a bank investment which guarantees an annual interest rate of $2.5\%$. This interest is added to the fund at the end of each year. The annual scholarship award of $\$2000$ is first awarded on 1 January 2014.
(i)
To award the scholarship for year 2014, find the minimum amount of money $\$k$ that Mr Tan needs for the fund. If the annual scholarship is to be given out for years 2014 and 2015, show that in addition to $\$k$, Mr Tan will need at least a further $\$1904$, correct to the nearest dollar, for the fund.
[3]
(ii)
Find the minimum amount Mr Tan needs for the scholarship fund if he wants the annual scholarship to be given out for $10$ consecutive years.
[3]
(iii)
Find the minimum amount Mr Tan needs for the scholarship fund if he intends to keep the scholarship going long into the future.
[2]
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