10.

An investment you made is growing at 6% compounded monthly for 12 years.

(a) Identify the nominal rate, compounding frequency and time period.

(b) Calculate the periodic interest rate and number of compounding periods.

13. . Your friend is required to pay a loan amount of $ 6700 in nine months. However, he realized that he can clear this loan amount in five months instead. How much would he have to pay to clear the loan in five months if the interest rate charged is 3% pa(Simple interest)?

14. How long will it take for an investment of $40000 in a mutual fund to mature to at least $120000 if it is growing at the rate of 10% compounded semi-annually.