8. An investment of $15,000 was growing at 6.25% compounded quarterly. a. Calculate the future value of this investment at the end of year 1. Round to the nearest cent b. If the interest rate changed to 6.5% compounded monthly at the end of year 1, calculate the future value of this investment at the end of year 5. Round to the nearest cent c. Calculate the amount of interest earned from this investment during the 5-year period. Round to the nearest cent

9. William is expected to settle a loan by paying $6,500. What amount should he pay if he decides to settle the loan four months earlier? The interest rate is 3.50% compounded monthly. Round to the nearest cent