A bank pays interest at 6% per annum compounded every half-year. 1 How many times a year does it pay interest? 2 What percentage interest does it pay each time? 3 Complete the following table: 6% interest per annum Compounded yearly Compounded half-yearly Compounded quarterly Number of times Percentage interest is paid each time 6% 12 1 2 3% Compounded monthly r% interest per annum Compounded yearly Compounded half-yearly Compounded quarterly Compounded monthly 1 1% 4 Find the formula for the (future value) FV for a (present value) PV invested for 2 years at 7% interest compounded half-yearly. 5 Find the formula for the FV for a PV invested for n years at r% interest compounded quarterly. 6 Find the formula for the FV for a PV invested for n years at r% interest compounded monthly.