1. a) Assume you are shopping around for investment rates and receive the following rates: 9.50% compounded quarterly and 9.65% compounded semiannually. Which rate is more attractive? [4 marks]

b) Assume you have a 25-year loan and you have paid for 8 years and now desire to know your balance. Find the amount owing after 8 years if the loan has an annual percentage rate of 9.0%. [6 marks]

c) You plan to deposit $15,000 each month into an account that earns 8.0% equivalent annual rate. What is the monthly interest rate earned on that account? [3 marks]