1.5 $1000 is placed in an account at 4% compounded annually for 2 years. It is then withdrawn at the end of the two years and placed in another bank at the rate of 5% compounded half yearly for 4 years. What is the balance in the second account after the 4 years? (71 1.6 Tania is planning for her marriage after six years. She decided to deposit a sum of N$12000 at the end of each year for five years into a fund that earn interest at 5% p.a. compounded monthly. Find how much the amount of the deposits will be at the end of six years after the last deposit was made. 191 1.7 A machine costing $200 000 has effective life of 7 years and its scrap value is $30000. What amount should the company deposit annually into a sinking fund earning 5% per annum so that it can replace the machine after its useful life? Assume that a new machine will cost $300 000 after 7 years. 17] 1.8 Find the effective interest rate equivalent to a nominal rate of 10% compounded monthly? [4]