2. John needs money in 15 years time to pay for his sons university fees. He is considering three investments options:

(i) A single amount of N$ 13 250 with interest compounded continuously.

(ii) N$ 150 at the end of each month.

(iii) N$ 1750 at the beginning of each year.

a) If the interest rate is 10.5% p.a., how much will he get for each option? (10)

b) What is the interest component for each investment? (8)