25/02/2003

You have your date of birth (DDMMYY) as the amount of money that can be invested in a Term Deposit in a bank for 2 years. For example: If you were born on 15/07/99, then you have $150,799 to invest. If you were born on 05/11/97, then you have $51,197 to invest. There are 4 option available: Option 1: This account earns 5.02% p.a. interest compounded quarterly Option 2: This account earns 5% p.a. interest compounded monthly Option 3: This account earns 4.99% p.a. interest compounded weekly (assume 52 weeks in a year) Option 4: This account earns 4.99% p.a. interest compounded daily (assume that there are 365 days in a year) Rank each of the four options from Highest to Lowest return (the amount of money at the end of the 2 years). Submit your rankings and calculations in the dropbox provided. The solutions can be handwritten but submitted as a PDF