Task 1

How much will we have at disposal at the account in three years if at the beginning of 1st year we deposit the amount CZK 20,000.00 and at the end of each month we save to this account CZK 1,000.00? Interest rate amounts to 2.5% p.a. with half-yearly crediting of interest.

Task 2

How long is it necessary to save CZK 500.00 at the beginning of each month in order to achieve saved amount 50,000.00 at fixed yearly interest rate 3% and yearly crediting of interest?

Task 3

Members of a housing association agreed that in 5 years they would have a new roof made (the number of dwelling units is 12). For coverage of a part of expected cost, they established bank account bearing 2% p.a. The fund would be formed in such a way that the amount CZK 1,000.00 for each dwelling unit would be deposited to joint account at the end of each month. Providing all members keep this schedule

1. determine, what amount will be in the fund in 5 years,
2. find out, how resultant amount would change if after 2 years the members would draw out from the fund, in a non-recurring way, the amount of CZK 100,000.00 but then they would proceed with its formation without any changes?

Let us assume yearly interest period.

Task 4

The building saving utilises national assistance. If e.g. monthly deposit amounts to CZK 1,700.00, always on 1st April of the following year the state subvention in the amount CZK 3,000.00 is added to a saved amount (state subvention for the last 6th year is directly added at the end of the 6th year). What will be the saved amount in 6 years if building society applies interest rate 2% p.a. with monthly entering the interest accrued?