1. Find the accumulated amount after six years if $6,000 is invested with a semiannual effective interest rate of 5%.

2. Fund P earns interest at a compound rate of 8% a year. Fund Q earns interest at a compound rate of i% a year. $500 is invested in fund P and $665 is invested in Q. The accumulated amount in the two funds will be equal in 5 years. Determine the compound interest rate i. Round your answer to three decimal places.

3. David needs to borrow $10000. Acme Lending Company offers to let him borrow the money at an annual effective interest rate of 17%, while Superior Lenders will let him borrow the money at an annual effective interest rate of 6%. How much money will David save by taking the offer from Superior Lenders, assuming that he pays off the loan 20 months from now with a single payment of principal and interest?