Question

The table below shows term deposit interest rates offered by five banks. Please answer the following questions:

(a) Limit the entries to the 7 terms (i.e., 1 month - 24 months) (1 mark).

(b) Use functions to work out the highest interest rate for the term selected in part (a) (2 marks).

(c) Use functions to work out which bank is offering this rate (2 marks).

			Term Deposit Interest Rates
Bank	1 month	3 months	6 months	9 months	12 months	18 months	24 months
Bank A	3.57%	3.78%	3.91%	3.91%	4.16%	3.93%	4.23%
Bank B	3.77%	3.75%	3.86%	3.86%	3.97%	3.92%	4.11%
Bank C	3.58%	3.79%	3.85%	3.83%	4.06%	4.09%	4.22%
Bank D	3.55%	3.71%	3.89%	3.87%	4.01%	3.98%	4.13%
Bank E	3.53%	3.68%	3.92%	3.88%	4.03%	4.11%	4.24%

Answer 1

1 month	3 months	6 months	9 months	12 months	18 months	24 months	Bank
3.57%	3.78%	3.91%	3.91%	4.16%	3.93%	4.23%	Bank A
3.77%	3.75%	3.86%	3.86%	3.97%	3.92%	4.11%	Bank B
3.58%	3.79%	3.85%	3.83%	4.06%	4.09%	4.22%	Bank C
3.55%	3.71%	3.89%	3.87%	4.01%	3.98%	4.13%	Bank D
3.53%	3.68%	3.92%	3.88%	4.03%	4.11%	4.24%	Bank E
3.77%	3.79%	3.92%	3.91%	4.16%	4.11%	4.24%	Highest Interest Rate
Bank B	Bank C	Bank E	Bank A	Bank A	Bank E	Bank E	Bank offering this rate

We have used excel MAX function for (b) Example of the function =MAX(L18:L22)

We have used excel Vlookup function for (c) Example of the function =VLOOKUP(L23,$L18:$S22,8,0)