1-Elizabeth lent $5,600 at 3.00% p.a. on March 15, 2014. Calculate the amount of interest she would receive on May 24, 2014.

2-What monthly compounding nominal interest rate is earned on an investment that doubles in 11 years?

3- Timber Inc. invested profits of $190,000.00 in a GIC at 5.83% compounded quarterly. How long would it take for the investment to grow to a value of at least $271,000.00?

4- The maturity value of a savings account that belonged to Peach Company was $30,008.50. The interest charged for the first 4 years was 3% compounded semi-annually, and 6% compounded quarterly for the next 2 years.

a. Calculate the amount that was in the saving account after the first 4 years when the interest rate changed.

b. Calculate the amount that was deposited in the savings account at the beginning of the period.

c. Calculate the total amount of interest earned from this investment.