1. Jack invested $37 000 in a guaranteed investment certificate at a 3.2% simple interest rate, paid semi-annually with a term of 4 years.

a. How much interest will accumulate over the term?

b. What is the future value of his investment at maturity?

2. Sheila invested $16 000 in a savings account. She received a simple interest rate of 4% paid quarterly.

a. How much money did she earn in interest each quarter?

b. What is the future value of her investment if she leaves it invested for 5 years?