1. Mr. Awurabena has invested GH30,000 for 4 years at 12% rate of interest. What will be the compound interest and amount after 4 years if it is compounding (a) Yearly; or (b) Monthly?Find the number of years in which the sum will double itself at annual compound interest. What should be the annual compound interest rate to make the amount GH60,000 after 4 years?

2. Enyonyogeh wants to invest GH575 per quarter for her retirement at 9% compounding quarterly for 25 years. She has a choice of making that payment of GH575 at the beginning or the end of the quarter (regular annuity or annuity due). In which account will she have more money and by how much? Which account will earn the most interest and by how much?