6. Leo collects old model cars. One particular model increases in value at a rate of 5.5% per year. Today, the model is worth $1,655. How much additional money can Ali make if he waits 5 years to sell the model rather than selling it 3 years from now? Show calculations in detail. (5 marks)

7.

a.Pamela invests $8,500 in an account that pays 2.5% simple interest. How much money will she have at the end of nine years. (5 marks)

b.Pamela then goes on to invests $2,000 in an account that pays 3.25% simple interest. How much more could she have earned over a eight-year period if the interest had compounded annually? (5 marks)