a. A certain company deposits P1,000 for each of its employees in a fund at the end of each year for the next 12 years. How much is each employee’s fund at the end of 12 years if it accumulates 8% for the first 8 years and at 6% for the last 4 years.

b. How much can you pay for a back pay certificate that provides a semi-annual payments of P2,000 for a period of 4 years. If money is worth 12% compounded semi- annually.