1. Red Company invested $20,000 in a fund that was earning interest at a rate of 4.00% compounded semi-annually. After 3 years and 6 months, the company transferred these funds to another investment that was earning interest at 4.50% compounded monthly.

a. What is the balance in the fund at the end of 3 years and 6 months?

Round to the nearest cent

b. What is the balance in the fund at the end of 6 years (from the initial investment)?

Round to the nearest cent

c. By what amount did the fund grow during the 6 year period?

Round to the nearest cent

Use formulas: FV=PV(1=i)n or PV= FV(1+i)-n